PeoplesSouth Bank in Colquitt, Ga., has agreed to buy Cadence Bancorp's Florida Panhandle branch network.
The $492 million-asset PeoplesSouth will buy Cadence Bank offices in Apalachicola, Blountstown, Marianna, Panama City, Port St. Joe and Tallahassee, according to filings with the Georgia Department of Banking and Finance. Financial terms were not disclosed.
The expansion will bring PeoplesSouth's total Florida branch count to 15. PeoplesSouth already has offices in Marianna, Panama City and Tallahassee.
After the deal, the $8.1 billion-asset Cadence will still operate 18 branches in other parts of Florida, including Bradenton, Sarasota and Tampa. The Houston company also operates dozens more branches in Alabama, Texas, Mississippi and Tennessee.
Rickey Stuckey, the chief executive of PeoplesSouth, did not return a call seeking comment. A spokeswoman for Cadence declined to comment.