Cadence Bancorp has entered San Antonio after hiring a group of lenders from International Bancshares.
Cadence, formed in Houston in 2009 to buy distressed banks, said in a press release issued last week that it had hired Steve Edlund, a former executive at International Bancshares (IBOC), to become its market executive in San Antonio. Six other executives will round out the team. Edlund had supervised International Bancshares' San Antonio operations since 2004.
"When you look at the business climate in San Antonio, the word 'growth' describes it perfectly," Paul B. Murphy Jr., Cadence's president and chief executive, said in the release. "This team of bankers is looking forward to helping these companies as they develop and expand by providing best-in-class banking products and services combined with a service philosophy that puts a priority on meeting customer needs."
Cadence has also expanded with acquisitions, buying the $1.6 billion-asset Cadence Financial and the $3 billion-asset Superior Bank. The company also plans to acquire Encore Bancshares (EBTX) in Houston.