Renasant Bank selling 1.9 million new shares to raise $75 million

Published 6:42 am Thursday, December 15, 2016

TUPELO, Miss. (AP) — A Mississippi bank says it’s likely to raise $75 million by selling new stock to investors.

Renasant Corp., the Tupelo-based parent company of Renasant Bank, said Wednesday that it will sell 1.9 million new shares at $41.50 per share. After paying underwriting firms $3.5 million, the bank expects to net $75 million. Renasant says the stock sale is likely to be completed Monday. Underwriters could buy another 285,000 shares at the same price over the next 30 days.

Tuesday, the bank had said it hoped to raise $65 million.

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The company says it will use the money to grow internally, buy other banks, pay back debt, or to hold as reserve capital.

Renasant has $8.5 billion in assets, with more than 175 offices in Mississippi, Tennessee, Alabama, Florida and Georgia.