Business
LPL Financial Welcomes BancorpSouth to Its Institution Services Platform
SAN DIEGO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that Cadence Bank (NYSE: CADE) plans to onboard the investment business of
About this update from Lpl Financial Holdings Inc.
[{"type":"text","content":"SAN DIEGO, Nov. 08, 2022 (GLOBE NEWSWIRE) -- LPL Financial LLC today announced that Cadence Bank (NYSE: CADE) plans to onboard the investment business of legacy BancorpSouth Bank to LPL’s platform in the fourth quarter of 2022. Legacy Cadence Bank, which leveraged LPL’s Investment Services platform to support its investment business, merged into BancorpSouth Bank in a deal that closed in October 2021. Legacy BancorpSouth’s retail advisory and brokerage business comprises more than 25 financial advisors, who collectively serve ~$2.5 billion of brokerage and advisory assets estimated as of September 30, 2022(1). “As a combined company and given our past experience with LPL’s technology, risk management and digital capabilities, we felt it was the right decision to capitalize on LPL’s integrated platform and committed investments to support our integrated retail advice business as well,” said Jerry Toney, president, Cadence Investment Services. “We welcome BancorpSouth Bank to LPL’s Institution Services platform,” said Ken Hullings, senior vice president, Business Development. “LPL has a long history of serving leading institutions, and we are proud to be part of the expanding relationship with Cadence Bank. We are committed to investing in the technology, digital capabilities, and comprehensive resources and solutions that help the financial institutions we serve differentiate their offering and grow their profitability.” About Cadence BankCadence Bank (NYSE: CADE) is a leading regional banking franchise with approximately $50 billion in assets and more than 400 branch locations across the South and Texas. Cadence provides consumers, businesses and corporations with a full range of innovative banking and financial solutions. Services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, SBA lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, and personal and business insurance. Cadence is committed to a culture of respect, diversity and inclusion in both its workplace and communities. Cadence Bank, Member FDIC. Equal Housing Lender. About LPL F...