November 11, 2010 10:10:00 AM
STARKVILLE - Cadence Financial Corp., parent of Cadence Bank, has reported a net loss of $7.5 million, or 63 cents per share, for the third quarter ended Sept. 30.
That compares to a net loss of $13.1 million, or $1.10 per share, for the third quarter of 2009.
It is the final quarterly report before shareholders meet Dec. 9 to decide whether to accept a buyout from Houston, Texas-based Community Bancorp that would take the company private.
The company reported that the decline in its third-quarter loss was due to a decrease in its provision for loan losses and lower operating expenses. The provision for loan losses dropped to $8.5 million in the third quarter of 2010 compared to $20.7 million in year-ago quarter, due primarily to lower charge-offs.
1. Local pilot gets 10 months in British jail for alcohol COLUMBUS & LOWNDES COUNTY
2. Mother of downtown shooting suspect jailed for allegedly threatening witness COLUMBUS & LOWNDES COUNTY
3. City: Law supports slashing businesses' hours COLUMBUS & LOWNDES COUNTY
4. Hitting the road: Bulldog fans pour into OKC for tonight's Sweet 16 matchup against Washington STARKVILLE & OKTIBBEHA COUNTY
5. Bond denied for O-Kay Foods shooting suspect COLUMBUS & LOWNDES COUNTY