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Pending Acquisition
6 Months Ended
Jun. 30, 2013
Business Combinations [Abstract]  
Pending Acquisition
Pending Acquisition
On February 7, 2013, the Company announced the signing of a definitive merger agreement pursuant to which it will acquire First M&F Corporation (“First M&F”), a bank holding company headquartered in Kosciusko, Mississippi, and the parent of Merchants and Farmers Bank, a Mississippi banking corporation.
According to the terms of the merger agreement, each First M&F common shareholder will receive 0.6425 shares of Renasant common stock for each share of First M&F common stock, and the merger is expected to qualify as a tax-free reorganization for First M&F shareholders. Based on Renasant’s 10-day average closing price of $19.22 per share as of February 4, 2013, the latest practical date prior to the announcement, the aggregate transaction value is approximately $118.8 million.
The shareholders of both the Company and First M&F have approved the acquisition, which is expected to close in the third quarter of 2013, subject to the receipt of regulatory approval and the satisfaction of other customary conditions set forth in the merger agreement. Pursuant to the terms of the merger agreement, Merchants and Farmers Bank is expected to merge with and into Renasant Bank immediately after the merger of First M&F with and into the Company.