Renasant Bank, the wholly-owned subsidiary of Renasant Corp, has acquired Republic Business Credit in an all-cash deal, effective December 30th 2022.
However, financial terms of the agreement were not disclosed.
Republic Business Credit will operate as a separate subsidiary of Renasant Bank and under its existing brand name, Renasant Corp said.
Republic Business Credit’s current leadership and associates will remain in their roles, headed by the company’s co-founder and Chief Executive Officer, Stewart Chesters, its President, Robert Meyers, and its Chief Operating Officer, Matthew Begley.
“RBC has a track-record of growth, profitability and strong asset quality. This partnership allows Renasant to add depth to lines of business where we have expertise and have experienced success,” Mitch Waycaster, President and Chief Executive Officer of Renasant Corp, said in a press release.
Established in 2011, Republic Business Credit (RBC) has evolved as a premier, tech-enabled independent commercial finance platform providing factoring and asset-based lending solutions to US commercial borrowers.
“The RBC team is thrilled to join the Renasant family. Together we will support more small- and medium-sized businesses under a shared sense of values and credit discipline. From the initial meeting with Mitch Waycaster and Renasant’s leadership team, there has been a natural cultural fit with the bank that sets us up for mutual success going forward,” Stewart Chesters, RBC’s CEO, said.
Raymond James & Associates Inc and Phelps Dunbar LLP advised Renasant Bank on the deal, while Hovde Group LLC and Krieg Devault LLP advised RBC.
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