Renasant buys distressed Georgia bank
by Wally Northway
Published: July 26,2010
TUPELO — Renasant Corporation’s wholly-owned subsidiary, Renasant Bank, has acquired the banking operations of Crescent Bank and Trust of Jasper, Ga. in a Federal Deposit Insurance Corporation- (FDIC) assisted transaction.
Under the terms of the transaction, Renasant Bank acquired approximately $1 billion in assets, including approximately $600 million of loans and other real estate and approximately $50 million of investment securities and assumed approximately $900 million in deposits. The foregoing amounts represent Crescent’s book value for these assets and liabilities and do not necessarily reflect fair value.
“As a company with over 105 years of experience in conservative and sound banking practices, we are excited to provide our new clients in North Georgia with the first class service that is the foundation of our success,” said Renasant chairman and CEO E. Robinson McGraw.
In adding Crescent’s locations to Renasant Bank, the company will expand its financial services footprint into North Georgia with 11 full-service locations in the markets of Jasper, Marble Hill, Cartersville, Adairsville, Canton, Woodstock and Cumming. The addition of these new branches gives Renasant Bank over 75 locations in the states of Alabama, Georgia, Mississippi and Tennessee.
“This opportunity represents Renasant’s fourth expansion since 2004 outside of Mississippi, which is our legacy market. We have a successful track record with our past expansions into Memphis and Nashville, Tenn., as well as Huntsville, Decatur and Birmingham, Ala., and believe this new partnership represents a logical expansion as a financial services leader in the Mid-south,” said McGraw.
The company also announced the completion of a $54.95 million capital raise through a private placement of 3.925 million shares of its $5 par value common stock to a select group of investors. The purchase price in the private placement was $14 per share.
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