TUPELO, Miss., May 2, 2012 /PRNewswire/ -- Renasant Corporation (NASDAQ: RNST) today announced that its wholly-owned subsidiary, Renasant Bank ("Renasant"), a $4.2 billion 108-year-old financial institution, is entering the East Tennessee banking market.
Renasant will open its first East Tennessee location in Maryville at 329 East Broadway next to the Ruby Tuesday building. The full-service bank location will initially house 13 Renasant employees and will operate as Renasant's East Tennessee headquarters. Renasant expects the location to be open and fully operational by the end of the second quarter of 2012. Leading Renasant in East Tennessee will be banking veteran Kent Vaught who will serve as East Tennessee Division President.
"I am excited to be leading Renasant's entrance into Eastern Tennessee and look forward to building a strong community banking franchise as we are quickly assembling our team of veteran bankers and lenders," said Vaught. "Renasant at its core is a community oriented bank where decisions are made on the local level and long-term relationships are the foundation for success."
Prior to joining Renasant, Vaught served for over 25 years as an executive banker in Tennessee. Vaught graduated from East Tennessee State University with a BBA in Finance and a Minor in Real Estate. In addition, he has attended executive business and banking development programs at the University of Tennessee, Vanderbilt University and the University of Virginia.
"East Tennessee is a dynamic market, and with Kent Vaught joining us to lead Renasant's entrance, the opportunity is tremendous," said Rick Hart, Renasant's Northern Division President. "With Kent's banking experience and market knowledge, along with the staff he has put together, we are poised to become the financial services provider of choice for East Tennessee."
"We believe recent banking disruptions in the Eastern Tennessee banking market along with our strong capital position and hiring of seasoned community bankers provides us a tremendous opportunity to increase our profitability and expand our footprint throughout the southeast," said Renasant Chairman and CEO, E. Robinson McGraw. "We are committed to becoming a proud community partner in East Tennessee, and we will continue to look to capitalize on future growth opportunities in the region as they become available."
The East Tennessee market entrance is Renasant's eighth expansion over the past 18 months. In late 2011, Renasant entered the banking markets of Starkville, Mississippi and Tuscaloosa, Alabama. On July, 1, 2011, Renasant's announced entrance into the Montgomery, Alabama banking market came just two days after it announced that it entered into an agreement to acquire RBC Bank (USA)'s Birmingham-based Trust division. In February 2011, Renasant acquired the former American Trust Bank in Roswell, Georgia, 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, Georgia, which was acquired in an FDIC-assisted transaction during the third quarter of 2010.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 108-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $4.2 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.
Senior Executive Vice President
Director of External Affairs
Chief Financial Officer
SOURCE Renasant Corporation
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