Renasant Corporation Completes Merger with Metropolitan BancGroup, Inc.
Wednesday, July 5th, 2017
Renasant Corporation announced that it has completed its merger with Metropolitan BancGroup, Inc., the parent company of Metropolitan Bank, effective July 1, 2017. The combined company now has approximately $10.0 billion in total assets with more than 175 banking, mortgage, wealth management, investment and insurance offices throughout Mississippi, Tennessee, Alabama, Georgia and Florida.
"With the Metropolitan merger, we have added a partner with tremendous banking talent and a presence in dynamic markets. 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," said Renasant Chairman and Chief Executive Officer, E. Robinson McGraw. "This merger expands our market share, earnings growth and profitability, and we believe it will greatly benefit Metropolitan clients with expanded locations, services and products. We look forward to a bright future with Metropolitan now being part of the Renasant family."
As of March 31, 2017, Metropolitan had approximately $1.2 billion in assets, $932 million in loans and $945 million in deposits.
Although the merger has been completed, full conversion and integration of Metropolitan's operations into Renasant's is not expected to be complete until September 25, 2017. At this time and until the conversion is completed, Metropolitan clients should continue to conduct their banking business as usual, including using existing branches, debit cards, checks and ATMs, and making loan payments.