Archive for the ‘Renasant Bank’ Category
With the finalization of Renasant Bank‘s merger with M&F Bank, the last six of nine planned branch closures will be completed by Monday, when conversion officially happens.
On Friday, former M&F Bank locations in Tupelo – on South Gloster Street, in downtown Tupelo and on West Main Street – will close for good at 5:30 p.m.
The three remaining branches in Kosciusko, Southaven and Birmingham will close on Monday. All are former M&F Bank locations except Birmingham.
Renasant had earlier closed its Oxford Square location, and M&F’s branch in Starkville and Grenada.
John Oxford, vice president of external affairs for Renasant, said all of M&F will be fully consolidated with Renaasant, including systems, products and services.
Renasant Corp. reported third-quarter net income of $6.6 million, or 24 cents a share.
That compares to earnings of $7 million, or 28 cents a share for the same period a year ago.
However, this year’s third-quarter results also included a month of results from the former First M&F Bank, which Renasant merged with earlier this year. The merger was completed on Sept. 1.
So, excluding expenses related to the merger, Renasant’s net income for the third quarter this year was $9.3 million, or 34 cents a share.
Said the company in a news release:
The Company’s results of operation do not reflect M&F’s results prior to the date of merger completion, but balances for the Company as of September 30, 2013 incorporate the impact of the M&F acquisition, including M&F’s $1.4 billion in assets, loans of $891.4 million, $1.3 billion in deposits, 35 branches, 8 insurance offices and $115.1 million in goodwill and other intangibles as of the completion date of the merger. The Company issued approximately 6.2 million shares of stock in connection with the acquisition. The assets acquired and liabilities assumed are recorded at estimated fair value and subject to change pending finalization of all valuations.
“We are pleased with our third quarter performance which includes the completion of the M&F merger, our largest acquisition to date. In addition to the merger, we continued to experience strong loan growth and significant improvements to our credit risk profile,” commented Renasant Chairman and Chief Executive Officer, E. Robinson McGraw.
By December, when the conversion is complete, the signs at all former M&F Bank locations will be Renasant signs, and the dual signage will be out.
Here’s a press release from Renasant:
Renasant today announced that it has completed its merger with First M&F Corporation (“M&F”), a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, effective September 1, 2013. The combined company has approximately $5.8 billion in total assets with 130 banking, mortgage, financial services and insurance offices throughout Mississippi, Tennessee, Alabama and Georgia.“With the M&F merger now complete, we welcome our new customers, employees and shareholders to the Renasant family,” said Renasant Chairman and CEO, E. Robinson McGraw. “Since the merger announcement, both Renasant and M&F have worked diligently to ensure a smooth and successful transition. Furthermore, this partnership will benefit both current and future customers with the expanded convenience of locations, services and product offerings.” Read the rest of this entry »
Shareholders in June approved the $142 million merger. (Click here for previous coverage).
The merger also will mean the closing of nine bank locations, including six M&F branches and three Renasant branches.
On Tuesday, Sept. 3, all M&F Bank locations will reopen under the Renasant name.
Renasant said M&F clients should continue to conduct their banking business as usual i.e., using existing branches, checks, debit cards and ATMs, until receiving notice from Renasant that system conversion has been completed, which is expected to occur during the fourth quarter of 2013.
The deal, first announced in February, would see Tupelo-based Renasant acquire Kosciusko-based First M&F in a stock transaction then valued at about $119 million. As of today, that deal is now valued at about $142 million.
First M&F shareholders would receive 0.6425 shares of
Renasant for every First M&F share they have.
The merger was approved by 99.65 percent of eligibile Renasant shares and 99.1 percent of eligible First M&F shares. The Renasant vote equated to 17.2 million of 17.3 million shares approving the merger; for First M&F, 6.53 million of 6.6 million voted in favor.
The deal still must meet regulatory approval, but it’s expected to be complete by the third quarter of this year.
“Sooner, rather than later,” said Renasant Vice President of External Affairs John Oxford.
After that, the banks could work to combine their systems, and everything should be operating under one roof, so to speak, by the end of the year.
As for what will happen to some Renasant Bank and M&F Bank offices that are in overlapping markets, Oxford said there are “seven to 10 branches which will be overlapping that we’ll be looking at consolidating.”
In fact, nine M&F and Renasant locations are within a mile of each other, and in an SEC filing in April, Renasant said it plans to “close or consolidate” the following locations: Read the rest of this entry »
There’s work going on at the Renasant Technology Center on West Jackson Street in Tupelo, where the bank houses its electronic data processing, document preparation, document imaging, loan servicing and deposit operations.
But it’s not an expansion of the facility . Nor is it a nice water feature, like a pond. Nope, it’s just work to enlarge the parking lot.
So if you’re wondering what was going on, now you know.
Drop by and enjoy a little cake, along with the free popcorn.
I don’t believe they’re giving away free money, however. Oh, well.
It was Feb. 27, 1904 that The Peoples Bank and Trust Company was founded. After acquiring Tennessee-based Renasant Bank in 2004 – it’s 100th anniversary, and its first out-of-state acquisition – the company changed its name from Peoples to Renasant.
So, Happy 109th Birthday, Renasant!