TUPELO, Miss., June 29, 2011 /PRNewswire/ -- Renasant
Corporation (NASDAQ: RNST) today announced that its wholly-owned
subsidiary, Renasant Bank ("Renasant"), a $4.2 billion financial institution, has entered
into a definitive agreement to acquire 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").
(Logo: http://photos.prnewswire.com/prnh/20110629/CL28420LOGO
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Under the terms of the transaction, prior to the closing RBC
Bank will transfer its $680 million
in assets under management, comprised of personal and institutional
clients with over 200 trust, custodial and escrow accounts, to a
wholly-owned subsidiary, and Renasant will acquire all of the
ownership interests in the subsidiary. The completion of the
acquisition is subject to the receipt of regulatory approval and
the satisfaction of certain other conditions. When finalized,
Renasant expects its wealth management and trust assets under
management and advisement to total approximately $1.5 billion.
"As a company with over 107 years of experience in conservative
and sound business practices, we are excited to provide our new
wealth management clients with the premier service and products
that are the foundation of our success," commented Renasant
Chairman and Chief Executive Officer, E.
Robinson McGraw. "We believe our strong capital
position and liquidity have us well positioned to capitalize on
banking and financial services opportunities throughout desirable
markets in the southeast. As part of this growth initiative,
we look to continue to expand our client base, franchise and
delivery of financial services in Alabama where our current footprint consists
of multiple locations in Birmingham, Huntsville, Decatur and Madison."
"This is a tremendous opportunity to grow Renasant's wealth
management franchise by adding a team of experienced trust
professionals and portfolio managers with in-depth market and
product knowledge to the Renasant family," added Rocky Miskelly, Director of Renasant Wealth
Management. "We welcome all of RBC Bank's trust clients and
look forward to earning their trust and confidence."
The transition from RBC Bank Trust to Renasant for client
accounts and personnel is expected to be completed on or before
August 31, 2011.
"We are excited to be joining such a strong and well respected
organization as Renasant," said, Ginny
DeBardeleben, Head of Trust at RBC Bank. "Renasant and
RBC Bank are committed to a seamless transfer of all client
accounts on closing and we will work closely during the transition
to ensure that we are providing the highest level of client
service."
The addition of RBC Bank's Trust division to Renasant will be
its sixth expansion over the past 12 months. 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.
In addition, Renasant has opened 3 new full service locations
during the last 12 months.
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:
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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