Daily Journal masthead

Shareholders of Renasant Bank of Tupelo OK purchase of Georgia-based HeritageBank of the South


TUPELO, Mississippi — Shareholders of Renasant Bank of Tupelo have approved the purchase of HeritageBank of the South — based in Albany, Georgia — in an all-stock deal.

Shareholder approval came Tuesday. Regulatory agencies approval came in March.

The merger will move Renasant into southern Georgia and northern Florida for the first time and slightly bolster the bank's position in the Atlanta and Birmingham, Alabama, markets.

Renasant announced the merger agreement in December.

The merger is expected to be completed July 1, and it would be Renasant's largest acquisition in its 111-year history.

Heritage brings about $1.9 billion in assets, bringing Renasant's total to $7.5 billion. It has offices in Mississippi, Alabama, Tennessee, Georgia and Florida.

The merger also adds about 600 employees at 36 banking locations, 21 mortgage offices and five investment offices.

It's a combination of two banks that have been gobbling up other institutions.

Since 2010, Renasant has acquired two banks that had been seized by the Federal Deposit Insurance Corp., as well as the trust business of RBC USA. Then, last year, it took over Mississippi's First M&F Corp. in a $143 million stock deal.

Heritage, founded in 1955 took over four Georgia banks that had been seized by the FDIC from 2011 through 2013. It also took over Alarion Financial Services of Ocala, Florida, earlier this year and has bought individual branches.

Renasant projects that it can cut 20 percent of Heritage's costs, mostly in 2015. Renasant says it will incur $30 million in expenses in the combination.

Heritage stockholders would own about 20 percent of the combined bank and Renasant would add one Heritage director to its board. Heritage CEO O. Leonard Dorminey would become president of Renasant's Georgia operations.

Information from: Northeast Mississippi Daily Journal, http://djournal.com

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.

We also have more stories about:
(click the phrases to see a list)


Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.