Two of the largest Mississippi-owned banks will be merging operations.
Tupelo-based Renasant Corporation and The First Bancshares, Inc., of Hattiesburg, jointly announced on Monday that the two parties have entered into a definitive agreement to merge. The First will be acquired by Renasant and operate under the bank’s scope of practice — an all-stock transaction valued at approximately $1.2 billion.
The First operates 111 branches across Mississippi, Louisiana, Alabama, Florida, and Georgia. As of June 30, the Pine Belt bank had approximately $8 billion in total assets, $5.3 billion in total loans, and $6.6 billion in total deposits. The merger will create a six-state southeastern banking franchise with approximately $25 billion in total assets, $18 billion in total loans, and $21 billion in total deposits.
“As two of the largest banks headquartered in Mississippi, each with a footprint across the Southeast, both Renasant and The First have grown to know and respect each other’s operating philosophy, dedication to providing best-in-class customer service, and commitment to the communities in which we operate,” Renasant CEO Mitch Waycaster said.
“As with Renasant, The First has expanded into some of the most dynamic, fastest-growing markets in the Southeast. Together, we create a more valuable company with the meaningful scale needed to compete in today’s operating environment.”
M. Ray “Hoppy” Cole, president and CEO of The First, will become a senior executive vice president and join both the Renasant and Renasant Bank boards of directors. Three additional independent directors of The First will be appointed to both the Renasant and Renasant Bank boards of directors, and two additional independent directors of The First will be appointed to the Renasant Bank board of directors.
“At The First, we are proud of the team we have assembled and the company we have built together. The First has always operated with a community-first mindset, building strong, trust-based relationships with our clients and the markets we serve,” Cole said.
“Going forward, we are excited for our customers, bankers, and shareholders to experience our next chapter as we join Renasant and form a leading Southeast regional bank with the scale and capabilities of a larger bank while maintaining the community bank touch our customers have come to expect. Because of our great respect for the culture Renasant has established and the like-minded manner in which they operate, we believe this merger will create significant benefits for all stakeholders.”
Executives from both entities believe the strategic acquisition will further benefit the ambitions of both banking companies as well as customers in the southeastern region of the U.S.
