Tupelo approves Cadence bond issue transition to Bank of OZK [Yahoo! Finance]
Cadence Bank (CADE)
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Source: Yahoo! Finance
The Tupelo City Council voted unanimously among present members to approve Arkansas-based Bank of OZK as the successor paying agent for $3 million in general obligation bonds from 2013, $9 million in general obligation refunding bonds. The change will not affect the payment schedule or rates, just the corporation handling the bond issue. “(The transition) will be seamless as far as we are concerned,” Tupelo Chief Financial Officer Kim Hanna said, noting she was not sure of the timeline of the transition itself but that the next invoice the city will receive will be from Bank of OZK in January. Ward 1 Councilman Chad Mims and Ward 7 Councilwoman Rosie Jones were absent. Ward 6 Councilwoman Janet Gaston recused herself from discussion and the vote because of her connection to Cadence Bank. Her husband currently works for the company and she previously worked for Bancorp South, which merged with Cadence in October 2021. Hanna noted that the 2013 bond's last will be 2028 and the la
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