Renasant Bank Adding to its Portfolio with Major Merger

TUPELO, MS – Courtesy of The Dispatch and Daily Journal Reports

Renasant Bank and The First Bank have announced that their Boards have come to a buyout agreement whereby Renasant will acquire the Hattiesbug-based company that currently serves six states here in the Southeastern US. Pending deal finalization and then regulatory approval, Renasant plans to make the purchase by issuing stock on a 1-to-1 basis, making the deal worth roughly $1.2 billion at the current stock valuation. They expect to close the deal in the first half of next year.

“As two of the largest banks headquartered in Mississippi, each with a footprint across the Southeast, both Renasant and The First have grown to know and respect each other’s operating philosophy, dedication to providing best-in-class customer service and commitment to the communities in which we operate,” said Renasant CEO Mitch Waycaster. “As with Renasant, The First has expanded into some of the most dynamic, fastest-growing markets in the Southeast. Together, we create a more valuable company with the meaningful scale needed to compete in today’s operating environment.”

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