Tupelo’s Renasant adds Tuscaloosa to bank expansion roster

August 23, 2011

Banking & Finance

Alabama has growing appeal for Renasant Bank, as the Tupelo-based regional bank followed last year’s expansion into Birmingham with entry into the Tuscaloosa market this week.

Renasant’s temporary location will be in the “Fitts” building at 1806 6th St. in downtown Tuscaloosa. Tuscaloosa marks Renasant’s ninth expansion over the past 12 months.

Tuscaloosa adds to Renasant’s current Alabama footprint of full-service locations in Birmingham, Huntsville, Decatur, Montgomery and Madison with over $600 million in assets.

“Renasant is on the move and we continue to experience tremendous success in Alabama,” said Mike Ross, Eastern Division president, adding the move into Tuscaloosa enhances Renasant’s ability to serve customers throughout the state.

A pair of veterans of the Tuscaloosa market will lead Renasant’s newest venture. Kyle Faught will serve as Tuscaloosa city president and Charity Golden as vice president and branch manager.

Before Renasant, Faught served as city president at Colonial Bank and Golden as a financial center leader and VP for BB&T.

The $4.3 billion Renasant operates more than 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.

Renasant reported net income for the second quarter of 2011 was $5,757,000 as compared to $3,796,000 for the second quarter of 2010. It reported earnings of 23 cents a share compared 18 cents for the second quarter of 2010.

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