Renasant Corp. to Acquire Commercial Bank & Trust Co. in $142 Million Deal

This acquisition will enhance Renasant’s operations, adding nine branches in western Tennessee, including two located in Memphis. Additionally, Renasant will gain access to a trust and wealth management division managing $1.2 billion in assets. Commercial Bank is reported to have a common equity tier 1 ratio of 19.6%, according to an investor presentation.

Kevin Chapman, Renasant's CEO and president, remarked that Commercial Bank has established a strong reputation over nearly 150 years in West Tennessee, emphasizing values that align with Renasant’s. He stated that this partnership will intensify their presence in Memphis and solidify long-standing deposit and wealth relationships across West Tennessee.

Post-acquisition, Renasant’s total assets will reach $28.6 billion, with $20.4 billion in loans and $22.6 billion in deposits. The addition of Commercial Bank will expand Renasant’s footprint in Tennessee to 28 locations, placing it among the top 10 banks in the state with assets under $100 billion.

Mott Ford, Commercial’s CEO, will transition to a market executive role at Renasant following the acquisition. Ford commented that Renasant was chosen as the right partner due to its relationship-driven culture and its capability to support customer growth.

Under the terms of the deal, shareholders of Commercial Bank will receive 0.8798 shares of Renasant common stock for each share they hold. The transaction value reflects Renasant’s 10-day average closing price of $40.29 as of Monday, which includes an approximate $35.7 million cash dividend Commercial Bank plans to distribute to its shareholders prior to the deal closing.

This acquisition marks Renasant’s first since its 2025 expansion into Louisiana with the purchase of The First Bancshares for $1.2 billion, which added over 100 branches and $8 billion in assets. Currently, Commercial Bank holds $1.1 billion in assets, $983 million in deposits, and $648 million in loans.