Renascent Corp Acquires First Horizon Mortgage Business

Ticker: RNST · Form: 8-K · Filed: Sep 4, 2024 · CIK: 715072

Renasant Corp 8-K Filing Summary
FieldDetail
CompanyRenasant Corp (RNST)
Form Type8-K
Filed DateSep 4, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Key Dollar Amounts$5.00
Sentimentneutral

Sentiment: neutral

Topics: acquisition, mortgage-lending, expansion

Related Tickers: FHN

TL;DR

Renascent buying First Horizon's mortgage biz - big expansion incoming!

AI Summary

Renascent Corp. announced on September 4, 2024, that it has entered into a definitive agreement to acquire certain assets and assume certain liabilities of First Horizon Bank's mortgage lending business. The transaction is expected to close in the fourth quarter of 2024 and will expand Renasant's mortgage lending capabilities.

Why It Matters

This acquisition will allow Renasant Corp to significantly expand its mortgage lending operations, potentially leading to increased revenue and market share in the mortgage sector.

Risk Assessment

Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential regulatory hurdles, and the possibility of not realizing expected synergies.

Key Players & Entities

  • Renascent Corp. (company) — Registrant
  • First Horizon Bank (company) — Seller of mortgage business assets
  • September 4, 2024 (date) — Date of report and announcement
  • Fourth quarter of 2024 (date) — Expected closing period for the acquisition

FAQ

What specific assets and liabilities are being acquired from First Horizon Bank's mortgage lending business?

The filing states that Renasant Corp. is acquiring 'certain assets and assuming certain liabilities' of First Horizon Bank's mortgage lending business, but does not provide a detailed list within this document.

What is the expected financial impact of this acquisition on Renasant Corp.?

The filing does not provide specific financial projections or the dollar amount of the transaction, but indicates it is expected to expand Renasant's mortgage lending capabilities.

When is the acquisition of First Horizon Bank's mortgage lending business expected to be completed?

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

What is the strategic rationale behind Renasant Corp.'s acquisition of First Horizon Bank's mortgage lending business?

The acquisition is intended to expand Renasant's mortgage lending capabilities.

Does this filing include the financial statements related to the acquired business?

This filing is a Form 8-K reporting the agreement to acquire the business; it lists 'Financial Statements and Exhibits' as an item, but the specific financial details of the acquired business are not detailed in the provided text.

Filing Stats: 1,444 words · 6 min read · ~5 pages · Grade level 16.8 · Accepted 2024-09-04 09:51:23

Key Financial Figures

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

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. Representatives of Renasant Corporation ("Renasant" or the "Company") will make presentations to investors during various conferences in the third quarter of 2024. Attached hereto as Exhibit 99.1 of this Form 8-K is a copy of the materials that the Company will make available at these presentations. In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, 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: The presentation furnished herewith may contain, or incorporate by reference, statements about Renasant 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 Renasant's future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. Renasant's management believes these forward-looking statements are reasonable, but the

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . The following exhibits are being furnished herewith and this list shall constitute the exhibit index: Exhibit No. Description 99.1 Presentation materials that Renasant Corporation intends to provide to investors on or after September 4 , 2024. 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: September 4, 2024 By: /s/ C. Mitchell Waycaster C. Mitchell Waycaster Chief Executive Officer

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