Renasant Corporation and The First: Merger Milestone Achieved
Renasant Corporation and The First Bancshares Completes Regulatory Approvals for Merger
The recent merger approval marks a significant milestone for Renasant Corporation (NYSE: RNST) and The First Bancshares, Inc. Both companies are proud to announce that they have successfully received all necessary regulatory approvals to finalize their merger. This strategic move involves the consolidation of The First into Renasant and integrates The First’s subsidiary, The First Bank, into Renasant Bank, which is Renasant’s wholly owned subsidiary.
Renasant and The First previously informed their shareholders of the merger, which was unanimously supported during their respective meetings. This collaborative decision reflects a strong commitment to enhancing customer relations and business operations.
Leadership Insights on the Merger
Mitch Waycaster, the CEO of Renasant, expressed heartfelt enthusiasm about the collaboration. "We're excited to have received regulatory approval to move forward with the merger between The First and Renasant," he stated. He emphasized that this merger embodies a transformative partnership that will harmonize the strengths and capabilities of both organizations. The shared values and dedication to customer service are central to their mission.
Strategic Goals Moving Forward
The anticipated closure of the merger is set for early April, contingent upon meeting customary closing conditions. Once completed, this merger will create a formidable financial services entity boasting over $26 billion in assets and more than 250 locations across the Southeastern region. The collaboration is also anticipated to diversify services, including factoring and asset-based lending on a national scale.
Vision for the Future and Community Impact
Hoppy Cole, the CEO and President of The First, articulated confidence in this merger’s potential to shape a prosperous future. He remarked, "I am confident we are building a strong foundation for the future, and we look forward to seeing our alliance come to fruition." The combination of both banks is poised to unlock new opportunities and expand their reach, ultimately benefiting not only their customers but also the communities they serve.
A Legacy of Service and Growth
Renasant Corporation has a longstanding tradition as a pillar in the financial services sector for over 120 years. With assets nearing $18 billion, Renasant operates through 186 banking, mortgage, and wealth management offices within the Southeastern United States. This merger is expected to further enhance Renasant's already comprehensive suite of services.
About Renasant Corporation and The First Bancshares, Inc.
Renasant Corporation, the parent company of Renasant Bank, is committed to serving its communities. It prides itself on its deep-rooted history and robust service offerings. Meanwhile, The First Bancshares operates in multiple states and provides a wide array of banking solutions. Their collective efforts aim to broaden financial services and foster economic development.
Contacts for Additional Information
For media inquiries, John S. Oxford serves as the Senior Vice President and Chief Marketing Officer and can be reached at (662) 680-1219 or via email at joxford@renasant.com. For financial-related concerns, contact James C. Mabry IV, Executive Vice President and Chief Financial Officer, at (662) 680-1281 or through email at jim.mabry@renasant.com.
Frequently Asked Questions
What are the core benefits of the Renasant and The First merger?
The merger aims to create a larger financial institution with increased resources and improved services for customers.
When is the expected completion date of the merger?
The merger is anticipated to be finalized in early April, pending customary closing conditions.
What will the combined assets be after the merger?
Post-merger, the new entity will boast approximately $26 billion in assets.
How will the merger impact current customers?
Customers can expect enhanced services, broader financial products, and expanded banking locations following the merger.
Who can I contact for more information about the merger?
For inquiries, you can reach out to John S. Oxford for media questions or James C. Mabry IV for financial information.
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