Cadence Bank announced it has signed a definitive merger agreement to acquire Industry Bancshares, the holding company for Bank of Brenham, Citizens State Bank, Fayetteville Bank, Industry State Bank, First National Bank of Bellville and First National Bank of Shiner.
Founded in 1911 and based in Industry, Texas, Industry Bancshares operates 27 full-service branches across Central and Southeast Texas, according to an April 25 Cadence press release. As of March 31, 2025, Industry Bancshares reported $4.4 billion in total assets, $1.1 billion in total loans and $4.5 billion in total deposits.
Under the terms of the agreement, Tupelo, Miss.-based Cadence Bank will pay between $20 million and $60 million in cash for all outstanding shares of Industry Bancshares, subject to certain conditions and potential adjustments. The merger will strengthen Cadence’s presence in key Texas markets and expand its core deposit base, following the previous acquisition of First Chatham Bank announced back in January.
Leadership to remain in roles
Key leadership from Industry Bancshares, including Doak Hartley, Michelle Hodge, Mike Mueller, Brent Jones, Gary Durrenberger, Kyle Holloway, Lisa Moeller and Mike Kalina, are expected to remain in roles within the combined organization. The transaction has been unanimously approved by both companies’ boards of directors and is expected to close in the second half of 2025, pending shareholder and regulatory approvals, as well as other customary conditions.
Industry Bancshares was advised by Hovde Group and Alston & Bird. Cadence Bank was advised by UBS Investment Bank and Sullivan & Cromwell LLP, according to the release. Cadence Bank, with more than $50 billion in assets and more than 350 locations across the South and Texas, offers a full range of banking, investment, trust and mortgage services.
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