TUPELO, Miss. (AP) — A Mississippi bank has completed the purchase of a Georgia bank for $474 million in cash and stock.
Renasant Corp. of Tupelo announced that it completed the acquisition of Brand Group Holdings of Lawrenceville, Georgia, on Saturday.
Adding BrandBank's $2.2 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.
It's Renasant's fifth acquisition since 2013, boosting assets to $12.7 billion. The purchase price was 95 percent in stock, giving Brand shareholders a 16 percent stake in the combined company.
Brand customers will be switched over to Renasant's systems on Oct. 29.
Renasant says the expansion will add to profits immediately, excluding one-time merger costs of $42 million.