The Clarion-Ledger has a story today on the resignation of two board members from the cadence board and it’s “troubled state.”
From the story:
Starkville-based Cadence Financial, parent of Cadence Bank, received resignation letters Wednesday from board members James D. Graham and Dan R. Lee, according to a Securities and Exchange Commission filing.
Graham’s two-paragraph resignation letter offers a glimpse at the bank’s current state.
“The only strategic option recently explored that I thought would be good for the stockholders was to sell the bank,” Graham wrote in the letter attached to the filing. “Now that we know a sale is not going to happen anytime soon, I believe it right and appropriate that I vacate my seat.”
UPDATED: Here is the link to Graham’s resignation letter.
I’ve heard many rumors about the trouble situation Cadence is in, and this simply proves them correct… Thanks for the post!
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I have been following Cadence for a while now. Senior management has not been forthcoming in letting the public know just how dire the situation really is. I really feel for those who still hold stock in Cadence.
Check out this link and read the rumblings.
http://messages.finance.yahoo.com/mb/CADE
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Cadence is just fine. Their financial status is based on a conservative approach to restoring the capital of the bank. Rushing into things just to show a quarterly profit would create a roller coaster effect on the stock price. Be patient and faithful in a bank that is doing things the right way.
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What have you been smoking Alan? Even if Cadence stops making loans to con-artists and drug dealers, it is too late. Everyone familiar with the situation knows they will be gone before the end of the year. At least we won’t have to look at those ugly purple signs much longer.
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Impressive analysis Bobby. The only value your comment adds is the facilitation of these rumors. Support your local economy. Research the situation. Realize that one of the board member mentioned also resigned from executive position with EcoLab to pursue a new venture. The other, speaks for himself. He wasn’t getting his way. It happens all the time.
On the 28th, how about we let the results speak for themselves?
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Well, Alan, Bobby… I have my accounts with Cadence and I’ve heard a lot of rumors about their current situation.. both good and bad…. I just want to be sure my money is safe with them and that they are a well established bank.
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Well, “Alan” (or Lewis, Mark, or whoever), the stock has dropped like rock since the big earnings announcement on the 28th, I guess “the results spoke for themselves.”
Zack – Your money is safe. IF Cadence fails, the FDIC will shut it down one Friday afternoon, and the bank will open the following Monday as part of another bank with your accounts intact. As far as “well established”, the old NBC used to be, until they got “expansion fever” a few years ago.
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