Renasant Corporation to Acquire The First Bancshares, Inc.

Core Viewpoint - Renasant Corporation and The First Bancshares, Inc. have announced a definitive agreement for a merger valued at approximately $1.2 billion, expected to close in the first half of 2025, creating a larger banking franchise in the Southeastern U.S. [2][3] Company Overview - The First operates 111 branches across five states with total assets of approximately $8.0 billion, total loans of $5.3 billion, and total deposits of $6.6 billion as of June 30, 2024 [1] - Renasant Corporation has approximately $17.5 billion in assets and operates 185 banking offices across multiple states [11] Merger Details - The merger will result in a combined entity with approximately $25 billion in total assets, $18 billion in total loans, and $21 billion in total deposits [1][2] - Shareholders of The First will receive 1.00 share of Renasant common stock for each share of The First common stock, with an implied transaction value of approximately $37.09 per share [5] Strategic Benefits - The merger aims to enhance customer service by expanding locations, services, and products, leveraging both companies' commitment to community engagement [3][4] - Renasant's CEO emphasized the merger's potential to create a more valuable company with the scale needed to compete effectively in the current market [3] Community Commitment - Renasant announced a Community Benefit Plan, committing to a $10.3 billion, five-year plan to foster economic growth and access to financial services in the combined footprint [7][8]