Market Screener, August 31, 2021, Cadence Bancorporation: Bank Announces Settlement of Claims Made by U.S. Department of Justice and the Office of the Comptroller of the Currency (Form 8-K)
Cadence Bancorporation (NYSE: CADE) (the ‘Company’), the parent company of Cadence Bank, N.A. (the ‘Bank’), announced today the Bank entered into separate settlements with the U.S. Department of Justice (‘DOJ’) and the Office of the Comptroller of the Currency (‘OCC’) to resolve historical allegations that it violated fair lending laws in Houston, Texas.
The Bank also entered into a five-year, $2.5 billion Community Benefits Plan (the ‘Plan’) in 2019 to continue to ensure that minority communities, especially low- and moderate-income communities, are well served. Created with input from the National Community Reinvestment Coalition (NCRC), the Plan includes provisions for mortgage lending, small business lending, and community development lending and investments across the bank’s six-state footprint comprised of Alabama, Florida, Georgia, Mississippi, Tennessee and Texas.
