Renasant wrapping up M&F merger, branch closures

Adam Robison | Buy at photos.djournal.com The former M&F Bank location on South Gloster Street – one of three in Tupelo – will close at 5:30 p.m. Friday as the two banks complete their merger. In all, nine former M&F or Renasant locations in Mississippi and Alabama are closing as a result of the merger.

Adam Robison | Buy at photos.djournal.com
The former M&F Bank location on South Gloster Street – one of three in Tupelo – will close at 5:30 p.m. Friday as the two banks complete their merger. In all, nine former M&F or Renasant locations in Mississippi and Alabama are closing as a result of the merger.

By Dennis Seid

Daily Journal

TUPELO – With the finalization of Renasant Bank‘s merger with M&F Bank, the last six of nine planned branch closures will be completed by Monday.

On Friday, three former M&F Bank locations in Tupelo – on South Gloster Street, in downtown and on West Main Street – will close for good at 5:30 p.m.

The three remaining branches in Kosciusko, Southaven and Birmingham will close on Monday. All are former M&F Bank locations except Birmingham.

Renasant had earlier closed its Oxford Square location, as well as M&F’s branches in Starkville and Grenada.

John Oxford, vice president of external affairs for Renasant, said all of M&F will be fully consolidated with Renasant, including systems, products and services by Monday’s conversion deadline.

Also, “New debit cards have been issued and will become active on Monday,” he said.

Checking account numbers will remain the same, and customers can continue using their existing supply of checks.

And on Friday, a special statement on customers’ accounts will include all activity on their former M&F accounts through the day. Interest earned also will be paid to those accounts at that time.

Renasant in February announced its merger of M&F in a deal valued at more than $140 million. Shareholders for the companies approved the deal in June. The combined bank is now the state’s fourth-largest, with $5.8 billion in assets, $3.8 billion in loans and $4.9 billion in deposits.

With the merger, 270 former M&F employees joined Renasant.

dennis.seid@journalinc.com