Renasant Bank buys Georgia bank for $453 million

A Mississippi bank has completed the purchase of a Georgia bank for $452 million in cash and stock.

Posted: Sep 4, 2018 12:47 PM
Updated: Sep 4, 2018 12:47 PM

TUPELO, Miss. (AP) — A Mississippi bank has completed the purchase of a Georgia bank for $452 million in cash and stock.

Renasant Corp. of Tupelo announced that it completed the acquisition of Brand Group Holdings of Lawrenceville, Georgia, on Saturday.

Adding BrandBank's $2.2 billion in assets and 13 offices is a major expansion in Atlanta for Renasant. The Mississippi bank says it will become the 10th largest Atlanta-area bank by market share.

It's Renasant's fifth acquisition since 2013, boosting assets to $12.7 billion. The purchase price was 95 percent in stock, giving Brand shareholders a large stake in the combined company.

Brand customers will be switched over to Renasant's systems on Oct. 29.

Renasant says the expansion will add to profits immediately, excluding one-time merger costs of $42 million.

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