Cadence Bank (NYSE: CADE) announced Friday it has signed a definitive agreement to acquire Industry Bancshares, Inc., a Texas-based bank holding company with $4.4 billion in assets.
Industry Bancshares operates 27 full-service branches across Central and Southeast Texas through its subsidiaries: Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, The First National Bank of Bellville and The First National Bank of Shiner.
Under the terms of the merger, Cadence will pay between $20 million and $60 million in cash for all outstanding common stock of Industry Bancshares, depending on equity capital at closing. The transaction is expected to close in the second half of 2025, pending regulatory and shareholder approvals and other customary conditions.
“This combination aligns well with both organizations’ focus on serving local communities,” said Dan Rollins, chairman and CEO of Cadence Bank.
Following the merger, key executives from Industry Bancshares — including Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller and Mike Kalina — are expected to continue in leadership roles.
Carl J. Chaney, executive chairman of Industry Bancshares, said the merger would allow expanded resources while maintaining community-focused service.
Industry Bancshares was advised by Hovde Group LLC and Alston & Bird LLP. Cadence Bank was advised by UBS Investment Bank and Sullivan & Cromwell LLP.
Cadence Bank, based in Houston and Tupelo, Miss., operates more than 350 locations across the South and Texas and reported $50 billion in assets.
