Renasant (RNST) Unit to Acquire RBC Bank's Birmingham, AL, Trust Dept.
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Renasant Corporation (NASDAQ: RNST) subsidiary, Renasant Bank, has entered into a definitive agreement to acquire the Birmingham, Alabama based trust department of RBC Bank (NYSE: RBC), which services clients in Alabama and Georgia.
Under the terms of the transaction, prior to the closing RBC Bank will transfer its $680 million in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and Renasant will acquire all of the ownership interests in the subsidiary. The completion of the acquisition is subject to the receipt of regulatory approval and the satisfaction of certain other conditions. When finalized, Renasant expects its wealth management and trust assets under management and advisement to total approximately $1.5 billion.
The transition from RBC Bank Trust to Renasant for client accounts and personnel is expected to be completed on or before August 31, 2011.
Under the terms of the transaction, prior to the closing RBC Bank will transfer its $680 million in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and Renasant will acquire all of the ownership interests in the subsidiary. The completion of the acquisition is subject to the receipt of regulatory approval and the satisfaction of certain other conditions. When finalized, Renasant expects its wealth management and trust assets under management and advisement to total approximately $1.5 billion.
The transition from RBC Bank Trust to Renasant for client accounts and personnel is expected to be completed on or before August 31, 2011.
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