A Mississippi bank says it’s likely to raise $75 million by selling new stock to investors.
Renasant Corp., the Tupelo-based parent company of Renasant Bank, said Wednesday that it will sell 1.9 million new shares at $41.50 per share. After paying underwriting firms $3.5 million, the bank expects to net $75 million. Renasant says the stock sale is likely to be completed Monday. Underwriters could buy another 285,000 shares at the same price over the next 30 days.
Tuesday, the bank had said it hoped to raise $65 million.
The company says it will use the money to grow internally, buy other banks, pay back debt, or to hold as reserve capital.
Renasant has $8.5 billion in assets, with more than 175 offices in Mississippi, Tennessee, Alabama, Florida and Georgia.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info