Mississippi-based Renasant Corp. has agreed to acquire Heritage Financial Group Inc., which has headquarters in Albany and is the parent of HeritageBank of the South, in a $258 million stock deal announced Wednesday.
When the merger is finalized, the combined company will have approximately $7.5 billion in total assets, $5.2 billion in gross loans and $6.1 billion in deposits with 171 banking, mortgage, insurance, wealth management and investment offices in Georgia, Mississippi, Alabama, Tennessee and Florida.
The transaction will add to Renasant approximately $1.9 billion in assets, $1.2 billion in loans and $1.3 billion in deposits along with 48 banking, mortgage and investment offices.
The merger will provide entry for Renasant into a number of new markets, including Savannah and Statesboro.
“We are excited to partner with Renasant to provide enhanced value to our stockholders, clients, employees, and communities,” said O. Leonard Dorminey, president and chief executive officer of Heritage. “This merger will provide greater resources and operational scale that will allow us to grow as part of a larger community bank.”
Dorminey will join the company as executive vice president of Renasant and will serve as president of Renasant Bank’s Georgia region. He has been with HeritageBank since 2001 and has served as president and CEO of Heritage since 2003.
Renasant chairman and CEO E. Robinson McGraw said the merger will add branch and mortgage locations
for his firm in Birmingham and Atlanta while providing for its entry into new markets in Alabama, Georgia and Florida.
“This merger will expand our market share, earnings growth and profitability and is expected to greatly benefit our current and future clients with expanded locations, services and products,” McGraw said. “Heritage is a community bank with a proven track record of success in serving their clients and communities, and we look forward to completing this acquisition.”
The acquisition is expected to close during the third quarter of 2015.
ABOUT RENASANT CORP.
Renasant Corporation is the parent of Renasant Bank, a 110-year-old financial services institution, and Renasant Insurance. Renasant has assets of approximately $5.8 billion and operates more than 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia.
ABOUT HERITAGE FINANCIAL GROUP INC.
Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily Georgia, Florida and Alabama through 36 banking locations, 20 mortgage offices, and 5 investment offices.
