Renasant Corporation, parent company of Renasant Bank, has signed an agreement to acquire KeyWorth Bank for approximately $58.7m.
Founded in 2007, KeyWorth operates six offices in the Atlanta metropolitan area and as of 30 June 2015, had approximately $389m in total assets, which included approximately $246m in total loans, and approximately $336m in total deposits.
Renasant expects the acquisition to enhance its existing presence in the northern suburbs of Atlanta, Georgia.
The deal complements Renasant’s recently completed acquisition of Heritage Financial Group, which operated 36 branches throughout Georgia, Alabama and Florida.
Renasant chairman and CEO E. Robinson McGraw said: "This is an attractive opportunity for us to acquire a community banking franchise which focuses on the greater Atlanta market area. KeyWorth Bank is a high quality commercial bank, with a strong credit culture and an attractive customer base.
"We believe this combination will be additive to Renasant’s growing Georgia franchise and will provide us with additional scale and commercial banking expertise in the Atlanta market. KeyWorth has a team of quality bankers and we are excited for them to become part of our company."
JamesPope, CEO of KeyWorth, will join Renasant as chairman of Renasant Bank’s Atlanta Metro Division.
In addition, KeyWorth president and chief operating officer Neil Stevens will become the Atlanta Division Metro President for Renasant Bank.
Ken Davis will continue in his role as president of Renasant Bank’s North Georgia Division, Renasant said.
The deal, which has been unanimously approved by the Boards of Directors of both companies, is expected to close during the first quarter of 2016.