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Renasant Announces Plans To Enhance Mortgage Operations

TUPELO, Miss., April 1, 2019 /PRNewswire/ -- Renasant Corporation (RNST) (the "Company") today announced that its subsidiary, Renasant Bank, has entered into an agreement with FirstBank of Nashville, Tennessee, to acquire FirstBank's wholesale mortgage operations.

Renasant Corporation logo. (PRNewsFoto/Renasant Corporation) (PRNewsFoto/) (PRNewsfoto/Renasant Corporation)

"We're excited about the opportunity to add a new wholesale mortgage unit to our mortgage operations, which will double the size of our current wholesale operation," said Renasant's Mortgage Division President, David Mays. "We believe this experienced team, which primarily operates within Renasant's existing footprint, will enhance our already strong mortgage operations, and we look forward to welcoming them to the Renasant Mortgage team."

Upon completion of the transaction, Renasant Bank will acquire all of the tangible assets and hire the personnel related to FirstBank's wholesale operations. The transaction is subject to receipt of all necessary regulatory approvals and other customary closing conditions, and it is expected to be completed in the second quarter of 2019.  

ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank, a 115-year-old financial services institution. Renasant has assets of approximately $12.9 billion and operates more than 190 banking, mortgage, wealth management and insurance offices in Mississippi, Tennessee, Alabama, Florida and Georgia.

NOTE TO INVESTORS:
This press 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," "approximately," "should" and variations of such words 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. 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 the Company's portfolio of outstanding loans, and competition in the Company's markets. Management believes that the assumptions underlying the Company's forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company's filings with the Securities and Exchange Commission (the "SEC") from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC's website at www.sec.gov.  The Company expressly disclaims any 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


Kevin Chapman


Senior Vice President


Executive Vice President


Director of Marketing and Public Relations


Chief Operating and Financial Officer


(662) 680-1219


(662) 680-1450


joxford@renasant.com 


kchapman@renasant.com

 

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