TUPELO AND KOSCIUSKO, Miss. (WTVA/Renansant Corporation) - Renasant Corporation and First M&F Corporation jointly announced Thursday the signing of a definitive merger agreement.
Renansant will acquire First M&F Corporation headquartered in Kosciusko which is the parent of Merchants & Farmers Bank.
Upon completion of the transaction, the combined company will have approximately $5.8 billion in total assets and will rank as the 4th 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.
"We are excited for the opportunity to expand our reach within every Renasant region, double our insurance operations, and enhance our mortgage and wealth management divisions. This merger creates a stronger Renasant franchise that allows for not only new market entries and additional branch locations within our legacy markets, but provides the realization of significant cost savings through strategic branch consolidations and future earnings growth by combining two strongly competitive community banking institutions," said Renasant Chairman, President and Chief Executive Officer, E. Robinson McGraw.
McGraw went on to say, "M&F is a community bank with an operating philosophy centered on fast, simple and local service with a banking culture similar to our own. We believe that this partnership between these two strong, like minded community banks will greatly benefit both Renasant's and M&F's current and future clients with our combined locations, services and product offerings."