Renasant
Corporation RNST and First M&F Corporation FMFC jointly
announced today the signing of a definitive merger agreement pursuant to which
Renasant Corporation ("Renasant" or "the Company") will acquire First M&F
Corporation ("M&F"), a bank holding company headquartered in Kosciusko,
Mississippi, and the parent of Merchants & Farmers Bank, a Mississippi banking
corporation.
(Logo: http://photos.prnewswire.com/prnh/20130207/CL56161LOGO )
Upon completion of the transaction, the combined company will have
approximately $5.8 billion in total assets and will rank as the 4^th largest
bank by deposits in Mississippi. The transaction will add $1.6 billion in
assets, $1.4 billion in deposits and 36 full-service locations throughout
Renasant's Mississippi, Alabama and Tennessee banking franchises. The merger
will significantly increase the Company's deposit market share in the
Birmingham and Memphis MSAs and the key Mississippi markets of Tupelo, Oxford
and Starkville, and will provide entrance into the suburban markets
surrounding Jackson, Mississippi. Additionally, the merger will provide a
stable source of low-cost core deposits which will supplement and enhance
Renasant's future growth activities. Finally, the merger will strengthen the
Company's overall business lines by doubling its insurance operations and
complementing its mortgage and wealth management divisions.
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