COMING FRIDAY: Read Northeast Mississippi Business Journal for more information about the merger and other topics discussed by Renasant Chairman and CEO Robin McGraw.
By Dennis Seid
TUPELO – M&F Bank customers couldn’t help but notice two signs at their bank locations on Tuesday.
“Welcome to Renasant Bank” banners were placed on the M&F signs, signaling the two financial holding companies’ merger that was completed Sunday.
Renasant Corp. announced in February it was acquiring Kosciusko-based First M&F Corp., a deal valued at about $150 million.
The combination forms the state’s fourth-largest bank, with $5.8 billion in total assets.
The M&F locations opened Tuesday with the dual signs, but eventually, most, but not all, will become Renasant branches.
By the end of the year, six M&F branches will close permanently, as will three Renasant branches.
M&F’s three Tupelo offices, and one each in Grenada, Southaven and Starkville will close. Renasant will close one office each in Oxford, and Birmingham. A Horn Lake office will remain open.
The final integration and conversion of the banks will happen in early December, said Renasant Chairman and CEO Robin McGraw.
In the meantime, it will be business as usual at the M&F Bank locations.
“With the M&F merger now complete, we welcome our new customers, employees and shareholders in the Renasant family,” McGraw said. “Both Renasant and M&F have worked diligently to ensure a smooth and successful transition.”
M&F customers are advised to continue using existing branches, debit cards, checks, ATMs and making loan payments until the conversion is complete.
A website with more information can be found at www.movetogreaterservice.com.