By DENNIS SEID / Daily Journal
TUPELO – Renasant Corp. has received approval from the Federal Deposit Insurance Corp. to complete its proposed merger of Brand Group Holdings Inc.
Renasant Corp., the parent of Renasant Bank, announced in March its plans to acquire Brand in a deal valued at about $452.9 million in cash and stock.
The merger, expected to be completed Sept. 1, will represent the largest acquisition in the history of 114-year-old Renasant.
Renasant also said that on July 26, Brand shareholders voted to approve the merger of Brand with and into Renasant. The deal had earlier been approved by Renasant shareholders and by the boards of both companies.
Founded in 1905, Brand is the privately held bank holding company of The Brand Banking Co., which has 13 locations in the greater Atlanta market with about $2.4 billion in assets.
The acquisition of Brand will be Renasant’s fourth since July 2015. In July of last year, it completed its acquisition of Metropolitan Bank in a merger valued at $190 million. Prior to that, Renasant completed its acquisition of Georgia-based KeyWorth in April 2016 in a $59 million deal. In July 2015, Renasant completed a $250 million acquisition of Georgia-based HeritageBank that added some $1.9 billion in assets. Until the Brand announcement, that deal had been Renasant’s largest acquisition.
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