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Cadence Bancorp LLC reduces stake to 25.9% in Cadence Bancorp.

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Cadence Bancorp LLC reduces stake to 25.9% in Cadence Bancorp.

Cadence Bancorp LLC on July 26 completed a secondary offering of 12.5 million class A common shares of Cadence Bancorp. at $28.40 apiece, less underwriting discounts and commissions.

Upon completion of the offering, Cadence Bancorp LLC owned about 25.9% of Cadence Bancorp.'s issued and outstanding class A common shares, down from about 40.9% immediately before the offering was completed.

Houston-based Cadence Bancorp. did not receive any proceeds from the offering.

Goldman Sachs & Co. LLC acted as sole underwriter in the offering.