TUPELO, Miss. (AP) — A Mississippi bank is buying a Georgia bank for $453 million in cash and stock.
Renasant Corp. of Tupelo announced on Wednesday the acquisition of Brand Group Holdings of Lawrenceville, Georgia.
Adding BrandBank’s $2.4 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 over $12 billion. The purchase price is 95 percent in stock, giving Brand shareholders 16.5 percent of the combined company.
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Renasant aims to complete the acquisition by Sept. 30, saying it will add to profits immediately, excluding one-time merger costs of $42 million.
The company will hire Brand’s fifth-generation family CEO, Bartow Morgan Jr., as chief commercial banking officer.