TUPELO, Miss., Sept. 1, 2011 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) today announced that its wholly-owned
subsidiary, Renasant Bank ("Renasant"), a $4.2 billion financial institution, has completed
the acquisition of the Birmingham,
Alabama based trust department of RBC Bank (USA) ("RBC Bank"), which services clients in
Alabama and Georgia. The acquisition by Renasant
will not affect the separate trust operations of RBC Wealth
Management in the US or RBC Trust Company (Delaware) Limited ("RBC Trust").
"With our acquisition of this trust unit now complete, we have
added an experienced and talented team to grow our financial
services market share in our Alabama and Georgia markets," said Renasant Chairman and
CEO, E. Robinson McGraw. "Over the
past 12 months, we have taken advantage of many opportunities to
improve our profitability and expand our footprint throughout the
southeast and we look to capitalize on future growth opportunities
as they become available."
The Renasant Trust and Wealth Management Alabama Division is
located in the Park Place Tower in downtown Birmingham.
Renasant recently announced its market entrance into
Tuscaloosa, Alabama, which is
Renasant's ninth expansion over the past 12 months. On
July 1, 2011, Renasant announced its
entrance into the Montgomery,
Alabama banking market two days after announcing that it
entered into an agreement to acquire the aforementioned RBC Bank's
$680 million asset Trust division.
In February, 2011, Renasant acquired the former American
Trust Bank in Roswell, GA,
$145 million in assets, from the FDIC
as the receiver of American Trust. The acquisition added 3
branches in North Georgia and
expanded Renasant's network to 14 full-service locations in this
market. During the first quarter of 2011, Renasant
successfully completed the conversion of Crescent Bank & Trust
of Jasper, GA, $1.0 billion in assets, which was acquired in an
FDIC- assisted transaction during the third quarter of 2010.
About Renasant:
Renasant Corporation is the parent of Renasant Bank and Renasant
Insurance. Renasant is a 107-year-old financial institution
that has assets of approximately $4.2
billion and operates over 75 banking, mortgage, financial
services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
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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Stuart
Johnson
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Vice
President
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Senior
Executive
Vice
President
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Director
of External
Affairs
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Chief
Financial
Officer
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(662)
680-1219
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(662)
680-1472
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joxford@renasant.com
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stuartj@renasant.com
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SOURCE Renasant Corporation