TUPELO and KOSCIUSKO — Renasant Corporation of Tupelo has completed its merger with First M&F Corporation, a bank holding company headquartered in Kosciusko and the parent of Merchants and Farmers Bank.
The combined company has approximately $5.8 billion in total assets with 130 banking, mortgage, financial services and insurance offices throughout Mississippi, Tennessee, Alabama and Georgia.
The merger adds $1.6 billion in assets, $1.4 billion in deposits and 42 banking and insurance locations throughout Renasant’s Mississippi, Alabama and Tennessee banking franchises. In addition, the merger significantly increases Renasant’s deposit market share in the Birmingham, Ala., and Memphis, Tenn., MSAs and the key Mississippi markets of Tupelo, Oxford and Starkville, while providing entrance into the markets surrounding Jackson. The merger will double Renasant’s insurance operations as M&F Insurance will become Renasant Insurance Inc., a subsidiary of Renasant Bank, on September 1, 2013.
The conversion and integration of M&F into Renasant is expected to be completed in December 2013.