By DENNIS SEID / Daily Journal
TUPELO – In just three years, Renasant Corp.’s assets have more than doubled. Acquisitions have played a large role in that growth, as the parent company of Renasant Bank has merged with four other banks during that time.
The most recent is its merger with BrandBank of Georgia. The $452 million deal is the largest merger in Renasant’s 114-year history, and now its total assets are $12.7 billion. The Tupelo-based financial holding company has 190 banking, mortgage, wealth management, and insurance offices throughout Mississippi, Tennessee, Alabama, Georgia and Florida.
“We’re excited to have completed our merger with BrandBank. With the addition of Brand, Renasant now has top 10 deposit market share in the highly attractive Atlanta MSA,” said Renasant President and CEO Mitch Waycaster. “This merger expands our earnings growth and profitability, and increases our asset size well beyond the $10 billion threshold. We also believe this merger will greatly benefit both Brand’s and our existing clients with expanded locations, services and products. We look forward to a bright future with Brand now being part of the Renasant family.”
Founded in 1905, Brand has 13 locations throughout the greater Atlanta market. As of June 30 Brand had about $2.2 billion in total assets, $1.7 billion in total loans and $1.8 billion in total deposits.
Although the merger has been completed, full conversion and integration of Brand’s operations into Renasant’s is not expected to be complete until Oct. 29.
The acquisition of Brand is Renasant’s fourth since July 2015. In July of last year, Renasant 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 merger, that deal had been Renasant’s largest acquisition.
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