Mississippi bank buys Georgia bank for $474 million

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TUPELO, Miss. (AP) - A Mississippi bank has completed the purchase of a Georgia bank for $474 million in cash and stock.

Renasant Corp. of Tupelo announced that it completed the acquisition of Brand Group Holdings of Lawrenceville, Georgia, on Saturday.

Adding BrandBank's $2.2 billion in assets and 13 offices is a major expansion in Atlanta for Renasant. The Mississippi bank says it will become the 10th largest Atlanta-area bank by market share.

It's Renasant's fifth acquisition since 2013, boosting assets to $12.7 billion. The purchase price was 95 percent in stock, giving Brand shareholders a 16 percent stake in the combined company.

Brand customers will be switched over to Renasant's systems on Oct. 29.

Renasant says the expansion will add to profits immediately, excluding one-time merger costs of $42 million.

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