Earnings for Q4 were right on line with my expectations. Stock has fallen since purchase and I added significantly more shares recently in my personal portfolio.
Another FDIC assisted transaction in Georgia (
http://bit.ly/hMKqGI):
Renasant Corporation Announces Acquisition of American Trust Bank of Roswell, Georgia
TUPELO, Miss., Feb. 4, 2011 /PRNewswire/ -- Renasant Corporation (Nasdaq: RNST) ("Renasant") today announced that its wholly-owned subsidiary, Renasant Bank, has acquired all of the deposits, substantially all of the assets and certain other liabilities of American Trust Bank of Roswell, Georgia ("American Trust") in a Federal Deposit Insurance Corporation ("FDIC") assisted transaction.
All American Trust locations will open at their normal banking hours on Monday, February 7, 2011 as Renasant Bank locations. American Trust clients will continue to be able to conduct banking business, including accessing their money by writing checks and using ATM or debit cards. All outstanding checks will be processed as usual, and customers can continue using their American Trust checks.
Highlights of the acquisition include:
* Renasant Bank expanding its branch network to 14 full-service locations in North Georgia providing entry into the Roswell market while at the same time adding additional branches in the Alpharetta and Cumming markets.
* Renasant Bank acquired approximately $145 million of American Trust's assets and assumed approximately $230 million in liabilities. These amounts represent American Trust's book value for these assets and liabilities and do not necessarily reflect fair value. Further, these amounts are estimates and, accordingly, are subject to adjustment based upon final settlement with the FDIC. The FDIC will make a cash payment to Renasant Bank for the difference between the assets acquired and liabilities assumed.
* The FDIC retained substantially all of American Trust's nonperforming loans and other real estate owned.
* The acquired loans consist primarily of commercial & industrial and commercial real estate loans.
* The loans acquired, except for a small portfolio of consumer loans, are covered by a loss share agreement in which the FDIC will reimburse Renasant Bank for 80% of the losses incurred on these loans.
* Renasant Bank submitted a discount bid of $18.3 million with no deposit premium.
* The acquisition is expected to provide a one-time gain in the first quarter of 2011, and it will be immediately accretive to Renasant's earnings per share and tangible book value.