Renasant in Tupelo, Miss., is the latest bank in the Deep South to announced a large stock offering.
The $8.5 billion-asset said in a press release Wednesday that it will look to raise nearly $79 million by selling 1.9 million shares of common stock at $41.50 each. The gross proceeds could swell to $90.7 billion if there is demand for additional shares. The offering is expected to close around Dec. 19.
Renasant said it plans to use the net proceeds for general corporate purposes, including capital to support organic growth and strategic acquisitions. The funds could also be used to repay debt or to finance investments and capital expenditures.
Keefe, Bruyette & Woods and Sandler O'Neill are the bookrunning managers; Raymond James and Stephens are co-managers.
Renasant said last week that it paid $4.8 million to the Federal Deposit Insurance Corp. to exit loss-share agreements.