TUPELO, Miss., Oct. 24, 2018 /PRNewswire/ -- The
board of directors of Renasant Corporation (NASDAQ: RNST) today
approved the payment of a quarterly cash dividend of twenty-one cents ($0.21) per share to be paid January 1, 2019, to shareholders of record as of
December 18, 2018. This action boosts
the cash dividend from the current annual rate of $0.80 per share to $0.84 per share.
In addition, the board authorized the repurchase of up to
$50.0 million of the Company's
outstanding common stock, either in open market purchases or
privately-negotiated transactions. The stock repurchase
program will remain in effect for one year or, if earlier, the
repurchase of the entire amount of common stock authorized to be
repurchased by the Board of Directors.
"We are excited to announce an increase to our annual dividend,
representing the fourth such increase since the second quarter of
2016. This dividend increase, together with the stock repurchase
program, supports our strategy of returning capital to our
shareholders while maintaining a strong capital position," said
Renasant Executive Chairman, E. Robinson
McGraw, and Renasant President and CEO, C. Mitchell Waycaster, in a joint statement.
"Further, we believe this program will enhance our ability to
opportunistically deploy capital for organic growth and other
strategic uses in the future."
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 114 year-old financial services
institution, is the parent of Renasant Bank. Renasant has assets of
approximately $12.7 billion and
operates more than 190 banking, mortgage, and wealth management
offices throughout Mississippi,
Tennessee, Alabama, Florida and Georgia.
For more information, please visit www.renasantbank.com or
Renasant's IR site at www.renasant.com.
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
Marketing
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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