The acquisition will strengthen Renasant’s reach in important markets in Mississippi, the Birmingham and the Memphis regions, the company said.
Under terms of the agreement, First M&F holders will receive 0.6425 shares of Renasant common stock or $19.22 a share as of 4 February closing price.
It is also expected that the integration will boost the acquirer’s insurance operations, and harmonizes its mortgage and wealth-management operations.
Following completion of the transaction, which is likely to close during the third quarter of current fiscal, the united entity will have approximately $5.8bn in total assets.
The M&F bank operates 36 full-service locations and delivers numerous financial products and services to individuals, businesses, organizations, governments among others.
The investment banking firm of Sandler O’Neill + Partners and the law firm of Phelps Dunbar advised Renasant, while First M&F was offered advise by Keefe, Bruyette & Woods, Jones, Walker, Waechter, Poitevent, Carrere & Denegre.
