TUPELO, Miss., May 2, 2012 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) today announced that its wholly-owned
subsidiary, Renasant Bank ("Renasant"), a $4.2 billion 108-year-old financial institution,
is entering the East Tennessee
banking market.
Renasant will open its first East
Tennessee location in Maryville at 329 East Broadway next to the
Ruby Tuesday building. The full-service bank location will
initially house 13 Renasant employees and will operate as
Renasant's East Tennessee
headquarters. Renasant expects the location to be open and
fully operational by the end of the second quarter of 2012.
Leading Renasant in East Tennessee
will be banking veteran Kent Vaught
who will serve as East Tennessee Division President.
"I am excited to be leading Renasant's entrance into
Eastern Tennessee and look forward
to building a strong community banking franchise as we are quickly
assembling our team of veteran bankers and lenders," said
Vaught. "Renasant at its core is a community oriented bank
where decisions are made on the local level and long-term
relationships are the foundation for success."
Prior to joining Renasant, Vaught served for over 25 years as an
executive banker in Tennessee. Vaught graduated from
East Tennessee State University with a
BBA in Finance and a Minor in Real Estate. In addition, he
has attended executive business and banking development programs at
the University of Tennessee,
Vanderbilt University and the
University of Virginia.
"East Tennessee is a dynamic
market, and with Kent Vaught joining
us to lead Renasant's entrance, the opportunity is tremendous,"
said Rick Hart, Renasant's Northern
Division President. "With Kent's banking experience and
market knowledge, along with the staff he has put together, we are
poised to become the financial services provider of choice for
East Tennessee."
"We believe recent banking disruptions in the Eastern Tennessee banking market along with
our strong capital position and hiring of seasoned community
bankers provides us a tremendous opportunity to increase our
profitability and expand our footprint throughout the southeast,"
said Renasant Chairman and CEO, E. Robinson
McGraw. "We are committed to becoming a proud
community partner in East
Tennessee, and we will continue to look to capitalize on
future growth opportunities in the region as they become
available."
The East Tennessee market
entrance is Renasant's eighth expansion over the past 18 months. In
late 2011, Renasant entered the banking markets of Starkville, Mississippi and Tuscaloosa, Alabama. On July, 1, 2011,
Renasant's announced entrance into the Montgomery, Alabama banking market came just
two days after it announced that it entered into an agreement to
acquire RBC Bank (USA)'s
Birmingham-based Trust
division. In February 2011,
Renasant acquired the former American Trust Bank in Roswell, Georgia, 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, Georgia, which was
acquired in an FDIC-assisted transaction during the third quarter
of 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 108-year-old financial services
institution, is the parent of Renasant Bank and Renasant
Insurance. Renasant 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