BIRMINGHAM, Alabama – Renasant Corp., (Nasdaq GS: RNST) the Tupelo, Miss.-based bank with branches in four Southern states, has completed its acquisition of First M&F Corp., moving Renasant up the ranking of banks with Birmingham deposits.
The deal, which Securities and Exchange Commission filings indicate is valued at more than $118 million, closed Sunday and gives Renasant a total of $5.8 billion in assets at 130 offices in Mississippi, Alabama, Tennessee and Georgia. M&F, also based in Mississippi, contributed $1.6 billion in assets, $1.4 billion in deposits and 42 banking and insurance locations to the post-merger company.
According to the most recent data available from the Federal Deposit Insurance Corp., the combined companies have well in excess of $300 million in deposits in metro Birmingham, placing it among the 15 largest banks in the metro area measured by deposits. The FDIC data is from June, 2012.
The merger deal also doubled Renasant’s insurance business, the company said. M&F Insurance will operate as Renasant Insurance, Inc.
"With the M&F merger now complete, we welcome our new customers, employees and shareholders to the Renasant family," Renasant CEO E. Robinson McGraw said in a prepared statement.
M&F's integration into Renasant is expected to be completed in December. Customers should continue their banking business as usual in the meantime, the company said. Customers can find more information on a Renasant website.
"We believe this merger enhances our long-term value as a company for our clients, employees and shareholders," McGraw said in a prepared statement. "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."