Nacogdoches Council approves banking contract with Cadence Bank for economic development

In a decisive move to enhance financial management and economic development, the Nacogdoches City Council has awarded a banking contract to Cadence Bank, projected to yield an additional $600,000 annually in interest over the next five years. This decision, made during the council meeting on July 1, 2025, follows a thorough evaluation of banking services, where Cadence Bank outperformed competitors with superior financial results and an impressive online service demonstration.

City officials emphasized the importance of selecting a banking partner that not only meets financial needs but also demonstrates robust banking capabilities. The council engaged in detailed discussions with bank representatives, assessing their services and ensuring they align with the city's operational requirements. The unanimous vote to award the contract reflects confidence in Cadence Bank's ability to support the city's financial goals.

In addition to the banking contract, the council explored the establishment of a Type B Economic Development Corporation (EDC). This initiative aims to broaden the city's economic development toolkit, allowing for investments in infrastructure and community projects that stimulate job growth. The proposed Type B EDC would provide Nacogdoches with greater flexibility compared to the existing Type A EDC, which is limited to manufacturing and industrial projects.

Larissa Philpott Brown, president and CEO of the Nacogdoches Economic Development Corporation, presented the potential benefits of the Type B EDC, highlighting its ability to fund a wider range of projects, including public amenities and tourism-related initiatives. The council's discussions indicated a strong interest in pursuing this avenue to enhance local economic development efforts.

As Nacogdoches moves forward with these initiatives, the city aims to position itself competitively within the state, leveraging new financial strategies and development tools to foster growth and prosperity for its residents.