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Cadence commences secondary offering by majority shareholder

Cadence Bancorp. has commenced an offering of 7.0 million class A common shares owned by majority shareholder Cadence Bancorp LLC.

The 7.0 million shares represent about 8.4% of the Houston-based company's outstanding stock.

The underwriters have the option to buy an additional 1,050,000 shares. Goldman Sachs & Co. LLC, J.P. Morgan, Keefe Bruyette & Woods and Sandler O'Neill & Partners LP are joint book-running managers. Baird, Raymond James, RBC Capital Markets and Stephens Inc. were added as co-managers.

Upon completion of the offering, Cadence Bancorp LLC will own approximately 68.3% of Cadence Bancorp.