TUPELO, Miss., July 1, 2015 /PRNewswire/ -- Renasant Corporation
(NASDAQ: RNST) ("Renasant" or "the Company") today announced that
it had completed its merger with Heritage Financial Group, Inc.
("Heritage"), a bank holding company headquartered in
Albany, Georgia, and the parent of HeritageBank of the
South, a Georgia savings bank. The
combined Company has approximately $7.5
billion in total assets with 171 banking, mortgage, wealth
management, investment and insurance offices throughout
Mississippi, Tennessee, Alabama, Georgia and Florida.
"With the merger now complete, Renasant has added branch and
mortgage locations to our legacy markets of Birmingham and Atlanta, as well as gained entry into several
attractive new markets in Alabama,
Georgia and Florida," said Renasant Chairman and
Chief Executive Officer, E. Robinson
McGraw. "This merger expands our market share and is
expected to enhance our earnings growth and profitability, and we
believe it will greatly benefit our current and future clients with
expanded locations, services and products. We look forward to a
bright future with our merger complete and Heritage now being part
of the Renasant family."
The combined Company now has approximately $5.2 billion in gross loans and $6.1 billion in deposits. The merger adds to
Renasant approximately $1.9 billion
in assets, $1.2 billion in loans and
$1.3 billion in deposits, as well as
48 banking, mortgage and investment offices in Alabama, Georgia and Florida.
The merger enhances the Company's presence in the metro markets
of Birmingham, Alabama, and
Atlanta, Georgia, with minimal
existing overlap while providing entry into new markets, such as
Albany, Statesboro, Macon, Valdosta and Savannah, Georgia; Auburn, Alabama; and Ocala and Gainesville, Florida. The merger also provides
a stable source of low-cost core deposits that are expected to
support and enhance Renasant's future growth activities.
Even though the merger is complete, full conversion and
integration of Heritage into Renasant is not expected to be
finished until late August 2015. At this time, Heritage
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 complete.
The Company has set up an FAQ for clients to obtain useful
information about the transition at www.renasantbank.com.
In conjunction with completion of the merger, Fred F. Sharpe of Albany, Georgia, is joining the Company's
corporate board of directors. Sharpe is the owner of U-Save-It
Pharmacy, Inc., which has more than 30 locations throughout the
Southeast. He is a graduate of the University of Georgia, School of Pharmacy and is a
veteran of the United States Army. Sharpe was formerly a
member of the board of directors of HeritageBank of the South.
Also, O. Leonard Dorminey, the
former President and Chief Executive Officer of Heritage and now
the President of Renasant Bank's Georgia region, received an inducement award
of 35,000 shares of restricted stock of the Company, which vests in
four equal annual installments beginning on December 31, 2015.
ABOUT RENASANT CORPORATION:
Renasant Corporation is the holding company for Renasant Bank, a
111-year-old financial services institution, and Renasant
Insurance. Renasant has assets of approximately $7.5 billion and operates more than
170 banking, mortgage, financial services and insurance
offices in Mississippi,
Tennessee, Alabama, Georgia and Florida.
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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First Vice
President
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Executive Vice
President
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Director of Corp
Communication
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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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SOURCE Renasant Corporation