By NEMS Daily Journal
TUPELO – In its eighth expansion in the past 18 months, Renasant is opening its first east Tennessee location.
Renasant, which last week reported first-quarter net income of $5.97 million, said it would open a branch in Maryville, Tenn., by the end of the second quarter.
The full-service location will initially house 13 employees.
In announcing the opening, Renasant hinted at further expansion in the area, saying that the Maryville office will serve as Renasant’s East Tennessee headquarters.
Ken Vaught will be Renasant’s East Tennessee Division president. Before joining Renasant, he was an executive banker in Tennessee, with more than 25 years of experience.
“With Kent’s banking experience and market knowledge, along with the staff he has put together, we are poised to become the financial services provider of choice for east Tennessee,” said Rick Hart, Renasant’s Northern Division president.
Renasant’s latest entry into another market follows a pattern that began in late 2010, when it acquired Jasper, Ala.,-based Crescent Bank & Trust. It followed that in February of last year by adding Roswell, Ga.-based American Trust Bank.
Late last June, it acquired the trust division of RBC Bank (USA) in Birmingham, Ala., followed by a move into the Montgomery, Ala., market. Finally, late last year, it opened branches in Starkville and in Tuscaloosa, Ala.
“We believe recent banking disruptions in the eastern Tennessee banking market along with our strong capital position and hiring of seasoned community bankers provides us a tremendous opportunity to increase our profitability and expand our footprint throughout the Southeast,” said Renasant Chairman and CEO Robin McGraw. “We are committed to becoming a proud community partner in east Tennessee, and we will continue to look to capitalize on future growth opportunities in the region as they become available.”