May 13, 2018 / 7:30 PM / 9 months ago

Cadence agrees to buy State Bank in $1.4 bln all-stock deal

May 13 (Reuters) - Cadence Bancorp said on Sunday it had agreed to buy State Bank Financial Corp in an all-stock deal valued at about $1.4 billion.

For each share of State Bank, shareholders would receive 1.160 shares of Cadence class A common stock, Cadence said in a statement.

Cadence shares closed at $30.23 on Friday, while State Bank shares closed at $33.08.

The merger agreement has been unanimously approved by the boards of both companies. Legacy Cadence and State Bank shareholders will collectively own about 65 percent and 35 percent of the combined company, respectively, after the deal is closed. (Reporting by Ismail Shakil in Bengaluru Editing by Paul Simao)

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