TUPELO, Miss., Sept. 3, 2013 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) ("Renasant" or "the Company") today
announced that it has completed its merger with First M&F
Corporation ("M&F"), a bank holding company headquartered in
Kosciusko, Mississippi, and the
parent of Merchants and Farmers Bank, effective September 1, 2013. The combined company has
approximately $5.8 billion in total
assets with 130 banking, mortgage, financial services and insurance
offices throughout Mississippi,
Tennessee, Alabama and Georgia.
(Logo:
http://photos.prnewswire.com/prnh/20130207/CL56161LOGO)
"With the M&F merger now complete, we welcome our new
customers, employees and shareholders to the Renasant family," said
Renasant Chairman and CEO, E. Robinson
McGraw. "Since the merger announcement, both Renasant
and M&F have worked diligently to ensure a smooth and
successful transition. Furthermore, this partnership will
benefit both current and future customers with the expanded
convenience of locations, services and product offerings."
The merger adds $1.6 billion in
assets, $1.4 billion in deposits and
42 banking and insurance locations throughout Renasant's
Mississippi, Alabama and Tennessee banking franchises. In addition, the
merger significantly increases the Company's deposit market share
in the Birmingham and Memphis MSAs
and the key Mississippi markets of
Tupelo, Oxford and Starkville, while providing entrance into the
markets surrounding Jackson,
Mississippi. The merger will strengthen the Company's
overall business lines by doubling its insurance operations as
M&F Insurance will become Renasant Insurance, Inc., a
subsidiary of Renasant Bank, on September 1,
2013.
Commenting on the transaction, Hugh S.
Potts, Jr., Chairman and Chief Executive Officer of First
M&F Corporation said, "Our clients and communities can expect
the quality of service to move to higher levels of excellence and
can count on Renasant being an exemplary, leading citizen.
Our associates are committed to being a premier financial partner
as Renasant is now stronger than ever."
The conversion and integration of M&F into Renasant is
expected to be completed in December 2013. At this time,
M&F clients should continue to conduct their banking business
as usual, including but not limited to, using existing branches,
debit cards, checks, ATMs, and making loan payments until
conversion is completed. Renasant has set up a website for clients
to obtain useful information about the transition at
www.movetogreaterservice.com.
"We believe this merger enhances our long-term value as a
company for our clients, employees and shareholders," stated
McGraw. "With the addition of an experienced and talented team, we
look forward to a bright future as we continue to grow our market
share and expand our footprint."
About Renasant:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant is a 109-year-old financial institution
that has assets of approximately $5.8
billion and operates 130 banking, mortgage, financial
services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
note to investors:
This news release may contain, or incorporate by reference,
statements which may constitute "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such forward looking statements usually include
words such as "expects," "projects," "anticipates," "believes,"
"intends," "estimates," "strategy," "plan," "potential," "possible"
and other similar expressions.
Prospective investors are cautioned that any such
forward-looking statements are not guarantees for future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known
to management that could cause actual results to differ materially
from those in forward-looking statements include significant
fluctuations in interest rates, inflation, economic recession,
significant changes in the federal and state legal and regulatory
environment, significant underperformance in our portfolio of
outstanding loans, and competition in our markets. We undertake no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results over time.
Contacts:
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For Media:
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For
Financials:
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John
Oxford
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Kevin
Chapman
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Vice
President
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Executive Vice
President
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Director of External
Affairs
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Chief Financial
Officer
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(662)
680-1219
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(662)
680-1450
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joxford@renasant.com
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kchapman@renasant.com
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Video with caption: "Renasant Completes Merger with First
M&F." Video available
at: http://origin-qps.onstreammedia.com/origin/multivu_archive/ENR/FX-CL72803-20130903-03.mp4
SOURCE Renasant Corporation