Renasant wrapping up M&F merger, branch closures

December 6, 2013 11:18:32 AM

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TUPELO -- The last six of nine planned branch closures will be completed by Monday as Renasant Bank's merger with M&F Bank if finalized. 

 

On Friday, three former M&F Bank locations in Tupelo will close for good. 

 

Three remaining branches in Kosciusko, Southaven and Birmingham, Ala., will close on Monday. All are former M&F Bank locations except Birmingham. 

 

Renasant had earlier closed another branch in Tupelo as well as M&F's branches in Starkville and Grenada. 

 

John Oxford, vice president of external affairs for Renasant, tells the Northeast Mississippi Daily Journal that M&F will be fully consolidated with Renasant, including systems, products and services by Monday's conversion deadline. 

 

Renasant in February announced its merger of M&F in a deal valued at more than $140 million. Shareholders for the companies approved the deal in June. The combined bank is now the state's fourth-largest, with $5.8 billion in assets, $3.8 billion in loans and $4.9 billion in deposits. 

 

With the merger, 270 former M&F employees joined Renasant.