Renasant, Metropolitan merger to be complete by July

Tupelo-based Renasant Corp. last week announced shareholders of Metropolitan BancGroup, Inc. voted to approve a merger of Metropolitan and Renasant.

Both banks have already received regulatory approval, including approval from the Federal Deposit Insurance Company (FDIC).

Renasant says the merger is expected to be complete on July 1. The Tupelo-based banking firm is traded on NASDAQ under the symbol: RSNT, and says it expects the merger to expand its market share, earnings growth and profitability.

Renasant Chairman and CEO Robin McGraw said in January the opportunity is an attractive one that will see Renasant partner with a dynamic franchise.

“Metropolitan is a high quality commercial and private bank with a strong credit culture and an attractive client base which enhances our current presence and market share in the key markets of Nashville and Memphis, Tennessee, and Jackson, Mississippi," McGraw said.

The conversion of services following the merger is slated to take place on Monday, Sept. 25.

Renasant said in an FAQ concerning the merger that some account numbers will change, but the bank will work closely with customers to ensure their banking transactions are not impacted.

The company will mail a letter in August to those impacted that will include important information regarding changes in banking service.

New Renasant Bank MasterCard debit cards will be mailed to all active cardholders in September and Metropolitan Bank Visa debit cards will work for up to 90 days after the September conversion.

Metropolitan was founded in 2008 and has assets totaling approximately $1.2 billion, with eight locations in Mississippi and Tennessee. The company also has roughly $918 million in total loans and approximately $888 million in total deposits.

Metropolitan's locations can be found in Memphis, Nashville and Franklin, Tennessee, along with Mississippi locations in Flowood, Ridgeland, Crystal Springs and Hazlehurst.

Renasant operates more than 170 banking, mortgage, financial services and insurances offices in Alabama, Florida, Georgia, Mississippi and Tennessee.