VOL. 11 | NO. 37 | Saturday, September 15, 2018
EMPHASIS: Financial Services
Renasant Bank Opens Branch In Bartlett, Completes Acquisition
By K. DENISE JENNINGS
Tupelo, Mississippi-based Renasant Bank (NASDAQ: RNST) officially opened its newest branch in Bartlett on Thursday, Sept. 12, as a strategic entry into one of Memphis’ oldest neighborhood communities.
Renasant Bank’s philosophy is to operate each of its 180 branches as a community bank. (Photo Courtesy of The Mabus Agency)
The 2,600-square-foot branch, which shares space with Maclin Security Doors, was strategically located to help serve Renasant’s established customer base near Bartlett Industrial Park. The park houses 300 businesses, many of which are Renasant customers, said Daniel Reid, executive vice president of Renasant’s commercial banking group.
“Bartlett has always been on our radar. It’s the epicenter of the medical device industry (in Memphis), we already have a nice customer base built in the area, it’s a gateway to the community in Bartlett and close to the I-40 corridor, so it made great sense,” Reid said.
Renasant Bank’s philosophy is to operate each of its 180 branches as a community bank. The strength of the company’s $13 billion in assets, six-state presence and diversified holdings gives it the resources of a big national bank, but the edge is the community-mindedness of its leaders and the flexibility to respond to the needs of individuals and communities it serves.
“One of the things that makes us unique is our autonomy in the market,” Reid said. “We make our own credit decisions. We know our customers, and that makes us flexible and makes it easier to respond to customers in specific markets.”
Other possible areas on the radar for a future Renasant branch are more locations on the Poplar corridor.
“One thing that’s very important to us when we’re expanding or purchasing is to be sensitive to all the needs of our banking customers, commercial or retail,” said Carol Russell, present of retail and business banking for Renasant. “We want to make sure we’re in areas that are underserved or underbanked.”
Renasant offers home mortgage products specifically for low- to moderate-income customers and other products targeted for nonprofits and underserved businesses and individuals.
“It’s always top of mind where we’re looking at what markets to move into,” Russell said.
Earlier this year Renasant Bank bought Georgia-based Brand Group Holdings for $453 million, adding a 13-office presence in and around the city of Atlanta and marking the company’s fifth acquisition since 2013.
“Several things attracted us to Brand Bank,” Reid said. “They have robust treasury management and so do we.”
Renasant offers management of assets for 501(c)3’s, general commercial and commercial and industrial customers.
“That’s a lot of times what we lead with when calling on customers in the community,” he said.
A comprehensive banking experience complete with innovative business and personal banking products is the goal of Renasant’s leaders, according to Reid.
“A two-fold customer experience is important. Whether it’s retail or commercial banking, we want to make sure we have the products and services needed by most.”
Russell adds, “We often bank the company president, CFO and the management team, so we want to make sure our private client department is as strong as our retail and commercial.”
Product diversification is another priority, said Russell. Renasant has a dedicated SBA department, an asset-based lending department, a 401(k) trust department and an insurance department. Renasant also has an internal insurance department and underwrites its own commercial and industrial insurance for customers, which allows more flexibility and personal service in the communities it serves.
Renasant’s newest retail service is the new Rewards Extra Checking rolled out Sept. 1. It offers interest and discount rewards from community and national retailers. It’s much like an entertainment discount card that is imbedded into your bank account to offer automatic discounts at local and national retailers when you use your debit card connected to the account.