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: | 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
