TUPELO, Miss., July 1, 2011 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) today announced that its wholly-owned subsidiary, Renasant Bank ("Renasant"), a $4.2 billion financial institution, will enter the banking market of Montgomery, Alabama through its hiring of an established banking team. The entry into Montgomery adds to Renasant's current Alabama footprint of multiple full-service locations in Birmingham, Huntsville, Decatur and Madison which has over $600 million in assets.
"As a native of Montgomery I'm excited to announce that Renasant will be expanding its Alabama footprint into our capital city. We have a very talented and experienced team joining the Renasant family and are ready to provide our premier banking and lending services from day one," said Mike Ross, Renasant Alabama Division President. "We continue to experience tremendous success in our Alabama operations. This opportunity, along with future planned expansion, will not only allow us to build on our recent successes but will be vital in providing future growth in our Alabama markets."
Leading Renasant's entry into Montgomery will be Pete Knight, Jr. Knight will bring his 30 years of banking experience to serve as Renasant Montgomery City President. Initially joining Knight on Renasant's new Montgomery team will be Bill Renfroe, who will serve as Senior Vice President and Commercial Relationship Manager, and Gerald Boone who will serve as Vice President and Commercial Relationship Manager. The three Renasant bankers have over 60 combined years of banking industry leadership experience.
"This is a tremendous opportunity for my team to join the Renasant family and partner our local banking expertise with local decision making knowledge as well as Renasant's premier banking and lending services," said Pete Knight, Jr., Renasant Montgomery City President. "Renasant is a strong and aggressive bank that is on the move in Alabama. We are proud to be part of the Renasant team and look forward to playing an integral part to future success in Alabama and throughout the southeast."
The Montgomery market entrance will be Renasant's eighth expansion and the third in Alabama over the past 12 months. Renasant's entrance into the Montgomery market comes just two days after it announced that it entered into an agreement to acquire RBC Bank (USA)'s Birmingham-based $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: | For Media: | For Financials: | |
John Oxford | Stuart Johnson | ||
Vice President | Senior Executive Vice President | ||
Director of External Affairs | Chief Financial Officer | ||
(662) 680-1219 | (662) 680-1472 | ||
joxford@renasant.com | stuartj@renasant.com | ||
SOURCE Renasant Corporation
