TUPELO, Miss. — A merger between Renasant Bank and The First Bank has been approved by banking regulators, the two institutions announced. Renasant and The First had announced their respective shareholders approved the proposed merger at special shareholder meetings last October.
“We’re excited to have received regulatory approval to move forward with the merger between The First and Renasant,” said Renasant CEO and Executive Vice Chairman Mitch Waycaster. “We believe this merger creates a transformative partnership between two great organizations with shared values and a commitment to serving our customers and communities.”
Renasant and The First expect to close the merger April 1, subject to the satisfaction of other customary closing conditions. The combination will result in a financial services institution with approximately $26 billion in assets and more than 250 locations throughout the Southeast, as well as offering factoring and asset-based lending on a nationwide basis.
“I am confident we are building a strong foundation for the future, and we look forward to seeing our alliance come to fruition,” said The First CEO and President Hoppy Cole. “We believe the combination of our two like-minded banks will unlock new possibilities that neither could achieve alone.”
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