TUPELO, Miss. (AP) A Mississippi bank is buying a Georgia bank, with a branch in Flowery Branch, for $453 million in cash and stock.
Renasant Corp. of Tupelo announced on Wednesday the acquisition of Brand Group Holdings of Lawrenceville, Georgia.
Adding BrandBank's $2.4 billion in assets and 13 offices is a major expansion in Atlanta for Renasant. The Mississippi bank says it will become the 10th largest Atlanta-area bank by market share. In addition to Flowery Branch, BrandBank also has branches in Buford, Suwanee and other places in the Hall-Gwinnett area.
It's Renasant's fifth acquisition since 2013, boosting assets over $12 billion. The purchase price is 95 percent in stock, giving Brand shareholders 16.5 percent of the combined company.
Renasant aims to complete the acquisition by Sept. 30, saying it will add to profits immediately, excluding one-time merger costs of $42 million.
The company will hire Brand's fifth-generation family CEO, Bartow Morgan Jr., as chief commercial banking officer.
(AccessWDUN's Ken Stanford contributed to this story.)