Business & Finance
Tue, August 9, 2011Mon, August 8, 2011Sun, August 7, 2011Sat, August 6, 2011Fri, August 5, 2011Thu, August 4, 2011Wed, August 3, 2011Tue, August 2, 2011Mon, August 1, 2011Sun, July 31, 2011Fri, July 29, 2011Thu, July 28, 2011Wed, July 27, 2011Tue, July 26, 2011Mon, July 25, 2011Renasant to Locate Montgomery Headquarters in Iconic 8 Commerce Street Tower
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Published in Business and Finance on Monday, August 1st 2011 at 9:56 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Renasant to Locate Montgomery Headquarters in Iconic 8 Commerce Street Tower -- TUPELO, Miss., Aug. 1, 2011 /PRNewswire/ --
Renasant to Locate Montgomery Headquarters in Iconic 8 Commerce Street Tower
TUPELO, Miss., Aug. 1, 2011 /PRNewswire/ -- Renasant Corporation (NASDAQ: [ RNST ]) today announced that its wholly-owned subsidiary, Renasant Bank ("Renasant"), a $4.3 billion 107-year-old financial institution, has signed a definitive agreement to place its Montgomery Division Headquarters at 8 Commerce Street Tower located in the downtown core of Montgomery. On July 1, 2011, Renasant announced its entry into Montgomery which added to its current Alabama footprint of multiple full-service locations in Birmingham, Huntsville, Decatur and Madison which has over $600 million in assets.
"We are excited to announce our newest Alabama location will be in the iconic 8 Commerce Street Tower in downtown Montgomery. This location perfectly compliments our talented and experienced Renasant team by giving us a high profile location to provide our premier banking and lending services," said Mike Ross, Eastern Division President. "With all the products of the big banks but the relationships and personal service of a community bank, we look forward to becoming a major part of the Montgomery community. Although Renasant may be a new name, our bankers have over 70 combined years of banking and lending experience in the local Montgomery marketplace."
For Montgomery Mayor Todd Strange, recruiting new businesses that bring potential economic development into the Montgomery metro area is one of his top initiatives.
"We are excited and appreciate the confidence Renasant Bank is showing in our community to expand their footprint to Montgomery. We welcome them and look forward to their efforts to bring vitality and energy to the River Region," said Mayor Strange.
Renasant will lease 10,500 square feet in the 8 Commerce Street Tower, and a sizable investment will be made to renovate the offices and full-service retail banking area. While the first floor is being renovated, Renasant's bankers will work from the second floor of the tower.
Renasant will add signage to the tower giving its brand name a major presence on the Montgomery city skyline. The opening of the full-service retail banking center, first floor office space and placement of the exterior signage is expected to take place during the fourth quarter of 2011.
Leading Renasant's entrance in Montgomery is Pete Knight, Jr., who serves as Renasant Montgomery City President. Joining Knight on Renasant's Montgomery team are Bill Renfroe, who serves as Senior Vice President and Commercial Relationship Manager, and Gerald Boone, who serves as Vice President and Business Development Manager.
"We are committed to becoming the financial services provider of choice in Montgomery and locating in the 8 Commerce Street Towers affirms our commitment to this market," said Pete Knight, Jr., Renasant Montgomery City President. "I'm proud to be part of a strong and growing franchise in Renasant, where decisions are made locally, and relationships are the foundation of our success."
The Montgomery market entrance is Renasant's third in Alabama over the past year. Renasant's entrance into the Montgomery market came just two days after it announced that it entered into an agreement to acquire RBC Bank (USA)'s Birmingham-based $680 million asset Trust division. On Tuesday, July 26, 2011, Renasant announced its entrance into the Starkville, Mississippi banking market, its eighth expansion over the past 12 months. In February, 2011, Renasant acquired the former American Trust Bank in Roswell, GA, $145 million in assets, from the FDIC as the receiver of American Trust. The acquisition added 3 branches in North Georgia and expanded Renasant's network to 14 full-service locations in this market. During the first quarter of 2011, Renasant successfully completed the conversion of Crescent Bank & Trust of Jasper, GA, $1.0 billion in assets, which was acquired in an FDIC-assisted transaction during the third quarter of 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 107-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.3 billion and operates over 75 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
Contacts: For Media: | For Financials: | |
John Oxford | Stuart Johnson | |
Vice President | Senior Executive Vice President | |
Director of External Affairs | Chief Financial Officer | |
(662) 680-1219 | (662) 680-1472 | |
SOURCE Renasant Corporation
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