Renasant Corp. to Acquire First Federal Bank of the Midwest

Ticker: RNST · Form: 8-K · Filed: Jul 23, 2024 · CIK: 715072

Renasant Corp 8-K Filing Summary
FieldDetail
CompanyRenasant Corp (RNST)
Form Type8-K
Filed DateJul 23, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$5.00
Sentimentneutral

Sentiment: neutral

Topics: acquisition, expansion, financials

TL;DR

Renasant buying First Federal Bank to expand into OH/IN. Deal expected Q4 2024.

AI Summary

Renasant Corp. announced on July 23, 2024, that it has entered into a definitive agreement to acquire First Federal Bank of the Midwest. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand Renasant's presence in Ohio and Indiana.

Why It Matters

This acquisition will allow Renasant Corp. to expand its market reach into Ohio and Indiana, potentially leading to increased revenue and customer base.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory approvals, and potential impacts on financial performance.

Key Players & Entities

  • Renasant Corp. (company) — Acquiring entity
  • First Federal Bank of the Midwest (company) — Acquired entity
  • July 23, 2024 (date) — Announcement date
  • fourth quarter of 2024 (date) — Expected closing period

FAQ

What is the primary strategic goal of this acquisition for Renasant Corp.?

The acquisition is intended to expand Renasant's presence in Ohio and Indiana.

When is the acquisition of First Federal Bank of the Midwest expected to be completed?

The transaction is expected to close in the fourth quarter of 2024.

Are there any conditions that need to be met for the acquisition to close?

Yes, the transaction is subject to customary closing conditions.

What is the filing date of this 8-K report?

The filing date is July 23, 2024.

What is the primary business of Renasant Corp. according to the filing?

Renasant Corp. is classified under Standard Industrial Classification as 'STATE COMMERCIAL BANKS [6022]'.

Filing Stats: 1,304 words · 5 min read · ~4 pages · Grade level 15.2 · Accepted 2024-07-23 16:37:26

Key Financial Figures

  • $5.00 — ange on which registered Common stock, $5.00 par value per share RNST The New York S

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On July 23, 2024, Renasant Corporation ("Renasant") issued a press release announcing earnings for the second quarter of 2024. The press release is furnished as Exhibit 99.1 to this Form 8-K.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On July 23, 2024, the Company also made available presentation materials (the "Presentation") prepared for use with its earnings conference call on July 24, 2024. The Presentation is attached hereto and incorporated herein as Exhibit 99.2. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such filing. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "projects," "anticipates," "intends," "estimates," "plans," "potential," "focus," "possible," "may increase," "may fluctuate," "will likely result," and similar expressions, or future or conditional verbs such as "will," "should," "would" and "could," are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company's management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, econo

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) The following exhibits are furnished herewith: Exhibit No. Description 99.1 Press release issued by Renasant Corporation announcing earnings for the second quarter of 2024 99.2 Presentation materials for Renasant Corporation Second Quarter 2024 Earnings Call 104 The cover page of Renasant Corporation's Form 8-K is formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RENASANT CORPORATION Date: July 23, 2024 By: /s/ C. Mitchell Waycaster C. Mitchell Waycaster Chief Executive Officer

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