Renasant Corporation has signed a definitive merger agreement with Heritage Financial Group, to acquire the bank holding company headquartered in Albany, in an all-stock merger.
The merged company will have around $7.5bn in total assets, $5.2bn in gross loans and $6.1bn in deposits with 171 banking, mortgage, insurance, wealth management and investment offices in Mississippi, Alabama, Tennessee, Georgia and Florida.
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The deal will increase Renasant’s presence in the metro markets of Birmingham and Atlanta with minimal existing overlap besides providing a stable source of low-cost core deposits to support and enhance the firm’s future growth activities.
Heritage president and CEO O. Leonard Dorminey will join Renasant Corporation as executive vice-president and will serve as the president of Renasant Bank’s Georgia unit.
The acquisition is expected to be completed during the third quarter of 2015 subject to regulatory clearance, Renasant and Heritage stockholder approval, and other conditions set forth in the merger agreement.
Renasant chairman and CEO E. Robinson McGraw said, "This merger between Renasant and Heritage adds branch and mortgage locations to our legacy markets of Birmingham and Atlanta while providing for our entry into several attractive new markets in Alabama, Georgia and Florida."
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