Cadence Bancorporation merged with State Bank Financial Corporation for $849m.

Cadence Bancorporation, a regional bank, merged with State Bank Financial Corporation, the bank holding company for State Bank and Trust Company, for $849m. State Bank shareholders will receive 1.271 shares of Cadence class A common stock for every share held. The offer is valued at about $21.84 per share and represents a 7.3% premium to State Bank’s close. Sam Tortorici, CEO of Cadence Bank, added: “State Bank brings a significant Georgia presence, which will be an important part of our combined company. I look forward to relocating to the vibrant Atlanta area, where I have spent significant time over my banking career, and to working with the experience and expertise of State Bank’s business leaders. We will work together to ensure our future success in Georgia and as a leading regional banking franchise.”