Cadence Bank announced that its Board of Directors authorized a new share repurchase program allowing the company to purchase up to an aggregate of 10 million shares of Cadence’s common stock. Subject to the approval of the Federal Deposit Insurance Corporation, this new share repurchase program will be effective on 2022 and will expire on 2022. Cadence recently completed the repurchase of the full 6 million shares of Cadence common stock authorized under its current share repurchase program, which expires 2021.
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Under the new share repurchase program, Cadence’s shares may be purchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with federal securities laws. The new share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the discretion of Cadence’s Board of Directors and does not commit Cadence to repurchase shares of its common stock.
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With respect to repurchases made pursuant to the new share repurchase program, the actual means of purchase, the timing of purchases, the target number of shares per purchase, and the maximum price or range of prices per purchase will be determined by management in its discretion and will depend upon a number of factors, including Cadence’s capital position, liquidity, financial performance and alternate uses of capital, the market price of Cadence’s common stock, general market and economic conditions, and applicable legal and regulatory requirements.
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