Cadence Bancorporation announced that it has received regulatory approval from the Federal Reserve to complete its pending stock-for-stock transaction with State Bank Financial Corporation (“State Bank”), which will create a combined organization with $17 billion in assets, $13 billion in loans, $14 billion in deposits and approximately 98 branches serving Texas, Georgia, Florida, Alabama, Tennessee and Mississippi, based on the companies’ balance sheets as of September 30, 2018. Cadence has now received all regulatory approvals required to consummate the proposed transaction.

“We are very pleased to announce that we have completed the last approval necessary to close the State Bank merger, and we plan to close the transaction on December 31,” said Paul B. Murphy, Jr., Chairman and CEO of Cadence Bancorporation. “It is with great enthusiasm that I welcome the State Bank bankers to the Cadence team. I am confident that our combination will be a major success.”

In addition, the Federal Reserve approved Cadence’s previously announced share repurchase program under which Cadence may repurchase up to $50 million of its shares of common stock.

The merger is expected to be completed on December 31, 2018, subject to the satisfaction of customary closing conditions.