Cadence Financial Corp. in Starkville, Miss., plans to raise as much as $92 million to satisfy a recent regulatory consent order.

The $1.9 billion-asset company announced Wednesday that it has filed a registration statement with the Securities and Exchange Commission for the common equity capital raise.

It initially calls for selling $80 million of stock, with the underwriters being allowed to enlarge the offering of the company's shares by 15%.

The proceeds, the company said in a press release, will be used, at least partially, to satisfy a May 19 consent order with the Office of the Comptroller of the Currency.

The order requires the company's bank unit to boost its leverage ratio to 9% and its total risk-based capital ratio to 12% within 120 days, among other things.

As of March 31, Cadence Bank had a leverage ratio of 5.6% and a total risk-based capital ratio of 10.5%.

The consent order gave the bank 90 days to submit a plan for sustaining its capital during the next three years. If regulators find the plan unacceptable, or if the capital targets are not achieved, the bank could be ordered to draft a liquidation plan.

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