Cadence Bank was acquired by BancorpSouth in 2024

BancorpSouth, a regional bank holding company based in Tupelo, Mississippi, completed its purchase of Cadence Bank in early 2024. The deal combined two mid-sized regional banks operating across the South and Southeast, creating a larger institution with branches in multiple states. If you held an account at Cadence Bank before the acquisition, your account was transferred to BancorpSouth as part of the merger.

The acquisition was announced in late 2023 and finalized in the first quarter of 2024. BancorpSouth paid approximately $2.1 billion for Cadence Bank, which had been operating independently since its founding in 2008. The purchase expanded BancorpSouth's footprint and customer base significantly, particularly in markets where Cadence had strong operations.

Key Takeaways

  • BancorpSouth acquired Cadence Bank in early 2024 for approximately $2.1 billion, combining the two regional banks into one institution.
  • If you had a Cadence Bank account, it automatically transferred to BancorpSouth; your account number and deposit insurance coverage remained unchanged.
  • Cadence Bank branches were rebranded as BancorpSouth locations, though some branches may have closed as part of the integration process.
  • Your deposits remain protected by FDIC insurance up to $250,000 per account type, regardless of which institution holds them.
  • You may need to update automatic payments, direct deposits, and online banking login information if BancorpSouth changed the banking platform.

What happened to Cadence Bank accounts after the merger

When BancorpSouth completed the acquisition, all Cadence Bank customer accounts transferred directly to BancorpSouth. You did not need to do anything to move your account—the transfer happened automatically. Your account number, balance, and deposit insurance protection all carried over without interruption. If you had a checking account, savings account, or money market account at Cadence, it became a BancorpSouth account with the same funds intact.

The FDIC insurance that protected your deposits at Cadence Bank continued to protect them at BancorpSouth. Standard deposit accounts are insured up to $250,000 per depositor, per bank, per account type. If you had multiple account types (such as a checking account and a savings account in your name alone), each was insured separately up to $250,000. Joint accounts and retirement accounts had their own separate insurance limits.

Changes to branches, ATMs, and online banking

Cadence Bank branches were rebranded as BancorpSouth locations. Some branches may have closed during the integration, particularly in areas where BancorpSouth already had a strong presence. You can find your nearest BancorpSouth branch and ATM on BancorpSouth's website or by calling their customer service line. If your local Cadence branch closed, BancorpSouth directed customers to nearby branches or ATMs in the network.

Online banking and mobile app access changed as part of the merger. BancorpSouth migrated Cadence customers to its own digital banking platform. You may have received new login credentials or been asked to set up a new online banking account. If you had automatic bill payments, direct deposits, or other recurring transactions set up through Cadence's system, you needed to verify those were transferred correctly or set them up again in BancorpSouth's system. Contact BancorpSouth directly if you had trouble accessing your account online after the merger.

How the merger affects your account fees and terms

BancorpSouth may have changed account fees, interest rates, or account terms as part of integrating Cadence customers. Some customers saw their monthly maintenance fees change, while others saw changes to minimum balance requirements or interest rates on savings accounts. The specific changes depended on which account type you held and which BancorpSouth account product your Cadence account was converted into.

You should have received notice of any fee or term changes before they took effect. Federal banking regulations require banks to notify customers of material changes to account terms. If you did not receive notice or if you disagree with the new terms, contact BancorpSouth's customer service to discuss your options. Some customers have the right to close their account without penalty if terms changed significantly.

What to do if you still have questions about your account

Contact BancorpSouth directly through their customer service phone line, website, or by visiting a local branch. Have your account number ready when you call. BancorpSouth's customer service team can confirm that your account transferred correctly, explain any changes to your account terms or fees, help you set up online banking access, and answer questions about ATM access or branch locations.

If you believe there was an error during the transfer—such as a missing deposit or an incorrect balance—report it to BancorpSouth immediately. Banks are required to investigate account discrepancies. Keep records of any transactions you made at Cadence before the merger, as these may be needed to resolve disputes.

Understanding FDIC protection after a bank merger

Your FDIC deposit insurance did not change when your Cadence Bank account became a BancorpSouth account. The FDIC insures deposits at each bank separately, so if you had accounts at both Cadence and BancorpSouth before the merger, they were insured separately. After the merger, all your accounts at the combined institution are now insured under BancorpSouth's FDIC coverage.

The standard insurance limit is $250,000 per depositor, per bank, per account type. If you had $200,000 in a checking account and $150,000 in a savings account at Cadence, both accounts were fully insured because they are different account types. If you had $300,000 in a single checking account, only $250,000 was insured. The FDIC website has a tool called the FDIC Coverage Calculator that shows exactly how much of your deposits are insured based on your account setup.

Frequently Asked Questions

Do I need to open a new account at BancorpSouth?

No. Your Cadence Bank account automatically became a BancorpSouth account when the merger completed. You do not need to open a new account or transfer funds. Your existing account continues to work, though you may need to update your online banking login or set up automatic payments again if the banking platform changed.

What if I had a loan or credit card with Cadence Bank?

Loans and credit cards also transferred to BancorpSouth. The terms of your loan or credit card remained the same unless BancorpSouth notified you of changes. Contact BancorpSouth to confirm the status of any loans or credit cards you held at Cadence and to update your online access if needed.

Can I close my account and move to a different bank?

Yes. You can close your BancorpSouth account at any time and move your funds to another bank. There is no penalty for closing an account after a merger, though you should verify that any automatic payments or direct deposits are set up at your new bank before closing the old account to avoid missed payments or lost deposits.

Will my debit card still work after the merger?

Your Cadence debit card may have stopped working when the merger completed. BancorpSouth typically issues new debit cards to merged customers. Check your mail for a new card or contact BancorpSouth to request one. In the meantime, you can access your funds through ATMs, online banking, or by visiting a branch.

What happens if I had a safe deposit box at Cadence?

Safe deposit boxes transferred to BancorpSouth locations. Contact BancorpSouth to confirm the location of your box and to arrange access if needed. You may be charged a rental fee for the box, which may differ from what you paid at Cadence. BancorpSouth should have notified you of any fee changes before charging you.