BancorpSouth and Cadence banks have agreed to a merger, it was announced. The all-stock deal will have a total market value of more than $6 billion, according to a news release.

BancorpSouth is based in Tupelo, Miss., and Cadence is headquartered in Houston.

The new company will operate as Cadence Bank with dual headquarters in Tupelo and Houston. They also have branches in Huntsville. It was not disclosed what will happen to the branches.

The merger is expected to close late this fall.