Renasant Bank Expands In Georgia With Takeover Of Local Bank

Vanessa Doctor

26 July 2010

Renasant Bank has acquired the banking operations of Crescent Bank and Trust of Georgia.

The transaction, made through the Federal Deposit Insurance Corporation, involves about $1 billion in assets, including around $600 million worth of loans and real estate, $50 million in investment securities and around $900 million in deposits.

All of Crescent Bank's clients and employees will be absorbed by Renasant, which effectively expands into North Georgia with 11 full service locations and will have more than 75 locations across Alabama, Georgia, Mississippi and Tennessee when the deal is completed. The company recently finalized a $54.95 million capital raising.

"We expect the impact of the acquisition of Crescent Bank, including the accompanying capital raise, to be immediately accretive to the company's earnings per share and tangible book value per share. Furthermore, the additional capital provided through the common stock issuance will enhance our already strong capital ratios and provide support for future growth," E Robinson McGraw, the chairman and chief executive officer of Renasant, said in a statement.