Renasant Corp. in Tupelo, Miss., has agreed to buy the Birmingham, Ala., trust operations of Royal Bank of Canada’s RBC Bank.
The $4.2 billion-asset company said late Wednesday that it will buy a subsidiary with $680 million in assets under management, including personal and institutional clients in Alabama and Georgia. The operation will also have more than 200 trust, custodial and escrow accounts.
Renasant, which has announced six acquisitions in the last year, said the acquisition does not impact the separate trust operations of RBC Wealth Management or RBC Trust Company Ltd.
Renasant said the deal will increase its wealth management and trust assets under management and advisement to about $1.5 billion. Renasant, which did not disclose a price, said it expects to complete the acquisition by Aug. 31.