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- Renasant Corporation and The First Bancshares Announce $1.2 Billion Merger
Renasant Corporation and The First Bancshares Announce $1.2 Billion Merger
Slice of Finance Team
05 Aug
Key Highlights:
$1.2 billion all-stock merger between Renasant and The First.
Merger approved by both boards and expected to close in the first half of 2025.
Combined assets of approximately $25 billion post-merger.
Expansion into six Southeastern states with 111 branches.
Community Benefit Plan with a $10.3 billion, five-year commitment.
Source (Business Wire)
Notable Quotes:
“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.”
“This merger will greatly benefit our current and future customers by expanding our locations, services and products. The First is a strong community bank with employees who are deeply invested in the markets they serve.”
“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.”
Our Take:
The merger between Renasant Corporation and The First Bancshares signifies a strategic move to consolidate and expand their presence in the Southeast. This all-stock transaction, valued at $1.2 billion, will create a formidable banking franchise with robust assets and a substantial geographic footprint. Both companies have a history of strong community engagement, which will be further strengthened by the adoption of a comprehensive Community Benefit Plan aimed at fostering economic growth and financial inclusion. As regulatory approvals are awaited, the anticipation of enhanced customer services and a stronger market position sets a positive outlook for stakeholders.