Renasant to buy bank for $190M, boost assets more than $10B

Friday, January 13, 2017, Vol. 41, No. 2

TUPELO, Miss. (AP) — Renasant Corp. is buying Metropolitan BancGroup for $190 million in stock.

Tupelo-based Renasant announced the acquisition Tuesday. Privately-held Metropolitan has joint headquarters in Ridgeland, Mississippi and Memphis, Tennessee.

Renasant says acquiring Metropolitan's $1.2 billion in assets will boost its market share, making it the fifth-largest bank in the metro areas of Memphis and Jackson, Mississippi. Metropolitan has eight total offices, four in the Mississippi market and two apiece in each of the Tennessee cities.

It's the fourth acquisition for Renasant since 2013, and will boost the bank's assets over $10 billion for the first time.

Metropolitan CEO Curt Gabardi will become Renasant's president.

Renasant says it expects the acquisition to add to profits in the first year. The bank has 175 offices in Mississippi, Tennessee, Alabama, Florida and Georgia.