Renasant merger has been completed with Brand Group, the parent company of BrandBank, in a transaction valued around $452.9m.
The combined entity now has around $12.7bn in total assets with more than 190 offices across the US states of Mississippi, Tennessee, Alabama, Georgia and Florida.
Renasant president and CEO, C. Mitchell Waycaster said: “With the addition of Brand, Renasant now has top 10 deposit market share in the highly attractive Atlanta MSA.
“This merger expands our earnings growth and profitability, and increases our asset size well beyond the $10bn threshold.
“We also believe this merger will greatly benefit both Brand’s and our existing clients with expanded locations, services and products.”
The merger was announced in March this year. Renasant received all pending regulatory approvals to complete the cash and stock deal last month.
Established in 1905, Brand had around $2.2bn in total assets with $1.7bn in total loans (excluding mortgage loans held for sale) and $1.8bn in total deposits, as of 30 June 2018.
It has 13 branch locations across the Atlanta Metropolitan area.
The full transfer and integration of Brand’s operations into Renasant is expected to be completed by the end of next month.
Until the transfer is completed, all BrandBank operations will continue as usual.