The Federal Reserve Board has terminated a written agreement with the former Cadence Financial about a year after the Starkville, Miss., company was acquired.
The November 2010 agreement required Cadence Financial to submit a capital plan and serve as a source of strength for its bank. It also restricted the company from paying dividends without regulatory approval. The Fed said Tuesday that the agreement was lifted last week.
Cadence was acquired by Community Bancorp of Houston in March of last year. Community Bancorp later merged its banking units, Superior Bank and Cadence, and changed its name to Cadence Bancorp, which has $3.9 billion of assets.
Cadence announced earlier this month that it is buying Encore Bancshares in Houston for $250 million.