Community Bancorp takes Cadence name
Community Bancorp takes Cadence name
Nov 03, 2011 (The Commercial Appeal - McClatchy-Tribune Information Services via COMTEX) -- A Texas buyout firm tied to retired New York bank superstar William B. Harrison Jr. has geared up a fast-moving Southern banking strategy.
After retiring as head of JPMorgan Chase at the end of 2006, Harrison became chairman of Community Bancorp, a two-year-old Houston firm that has raised $1 billion to buy distressed banks.
On Wednesday, Community said it was renamed Cadence Bancorp LLC and also had merged Superior Bank into Cadence Bank, which includes a handful of branch offices in metropolitan Memphis.
The Texas firm in March completed the buyout of Cadence Financial Corp., a money-losing bank based in Starkville, Miss., and in April took over Superior, a failed Birmingham thrift, from the U.S. Office of Thrift Supervision.
Long known as the National Bank of Commerce of Mississippi, Cadence entered the Memphis market in 2004, acquiring Enterprise National Bank, which was renamed Cadence.
Cadence operates six Memphis-area offices and holds about $133 million in customer deposits, ranking it 32nd in size among the 61 banks in the Memphis area.
Cadence is now looking for banks to buy in the Memphis area, said Sam Tortorici, the bank's new chief executive officer.
"Memphis is one of our most important markets. And frankly, we have a small presence there," said Tortorici, who into July headed Alabama commercial and industrial lending for Birmingham-based Regions Financial.
It's not clear if Cadence under Harrison will back off on efforts to reach poorer Memphians.
The trade journal Bank News last spring reported Cadence was among the city's banks trying to bring in as customers the 96,000 Memphians reliant on payday lenders.
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