Renasant Corporation and First Bancshares Merger Approved

By Tamara Parker • Monday, March 17 15:13 • Permanent Link

Renasant Corporation (NYSE: RNST) and The First Bancshares, Inc. (NYSE: FBMS) have announced that they have received all necessary regulatory approvals to complete their proposed merger. The merger will involve The First being merged into Renasant, and The First Bank being merged into Renasant Bank, Renasant's wholly owned subsidiary. Shareholders of both companies had previously approved the proposed merger at special meetings on October 22, 2024.

Upon completion of the merger, the combined entity is expected to become a financial services institution with approximately $26 billion in assets and over 250 locations throughout the southeast. Additionally, the combined entity will offer factoring and asset-based lending on a nationwide basis.

Renasant Corporation, the parent company of Renasant Bank, currently has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage, and wealth management offices throughout the southeast. The First Bancshares, Inc., headquartered in Hattiesburg, Mississippi, is the parent company of The First Bank, with operations in Mississippi, Louisiana, Alabama, Florida, and Georgia.

The merger is expected to close on April 1, 2025, subject to the satisfaction of other customary closing conditions. Renasant Corporation's CEO and Executive Vice Chairman, Mitch Waycaster, expressed excitement about the merger, stating that they believe it creates a transformative partnership between two organizations with shared values and a commitment to serving their customers and communities. The First's CEO and President, Hoppy Cole, also expressed confidence in the merger, stating that they are building a strong foundation for the future and look forward to the alliance coming to fruition.

This merger is set to unlock new possibilities for the two banks, with both organizations expressing optimism about the future prospects of the combined entity. Following these announcements, the company's shares moved 1.7%, and are now trading at a price of $34.93. For more information, read the company's full 8-K submission here.

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