Renasant and M&F Banks to Merge

TUPELO, Miss.--The merger of two Mississippi banks was announced this morning. Rensant, headquartered in Tupelo, and M&F, headquartered in Kosciusko, will come together, merging all assets. That is expected to be complete by third quarter 2013. It is still not clear which name will be kept and who you will be banking with.

In the merger, Renasant will effectively accquire First M&F Corp.

This is from a press release issued by renasant:

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.