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Renasant Corp andFirst M & F Corp Announce Definitive Merger Agreement

Thursday, 7 Feb 2013 08:00am EST 

Renasant Corp and First M & F Corp jointly announced the signing of a definitive merger agreement pursuant to which Renasant Corporation (Renasant or the Company) will acquire First M&F Corporation (M&F), a bank holding company headquartered in Kosciusko,Mississippi, and the parent of Merchants & Farmers Bank, a Mississippi banking corporation. According to the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, M&F common shareholders will receive 0.6425 shares of Renasant common stock for each share of M&F common stock, and the merger is expected to qualify as a tax-free reorganization for M&F shareholders. Based on Renasant's 10-day average closing price of $19.22 per share as of February 4, 2013, the aggregate common stock consideration is approximately $118.8 million or 119% of tangible book value per share. Under the proposed terms, the transaction is expected to be accretive to Renasant's 2013 estimated earnings per share with the estimated tangible book value dilution being earned back within 2.5 years. 

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10:28am EST