Renasant Acquires The First Bancshares for $1.2 Billion

Deal News | Mar 17, 2025 | EIN

The Federal Reserve has approved significant banking mergers involving Renasant Corp.'s acquisition of The First Bancshares for $1.2 billion and EverBank Financial Corp.'s purchase of Sterling Bank & Trust for $261 million. These transactions reflect a pro-business regulatory environment under the anticipated return of President Trump. Renasant's purchase will expand its footprint into Louisiana, while EverBank's acquisition facilitates expansion in California. Both mergers are expected to close on April 1. Regulatory scrutiny focused on competition and compliance with the Community Reinvestment Act. EverBank's ownership by private equity firms such as Stone Point Capital and Warburg Pincus highlights the influence of private capital in banking sector consolidation.

Sectors

Banking and Financial Services
Private Equity

Geography

United States – The primary transactions and companies involved are based in the United States, impacting various states including Mississippi, Florida, Michigan, Louisiana, and California.

Industry

Banking and Financial Services – The article discusses significant transactions within the banking sector, involving mergers between financial institutions.
Private Equity – The involvement of private equity firms like Stone Point Capital and Warburg Pincus in the acquisition underscores the role of private equity in banking industry consolidation.

Financials

$1.2 billion – Deal price for Renasant Corp.'s acquisition of The First Bancshares.
$261 million – Deal price for EverBank's acquisition of Sterling Bank & Trust.
$18 billion – Assets held by Renasant Corp.
$8 billion – Assets held by The First Bancshares.
$40.8 billion – Assets held by EverBank.
$2.4 billion – Assets held by Sterling Bank.
$900 million – Loans included in EverBank's acquisition of Sterling Bank branches.
$2 billion – Deposits included in EverBank's acquisition of Sterling Bank branches.

Participants

Name	Role	Type	Description
Renasant Corp.	Bidding Company	Company	A Tupelo, Mississippi-based bank acquiring The First Bancshares.
The First Bancshares	Target Company	Company	A Mississippi-based rival being acquired by Renasant Corp.
EverBank Financial Corp.	Bidding Company	Company	A Jacksonville, Florida-based bank purchasing Sterling Bank & Trust.
Sterling Bank & Trust	Target Company	Company	A bank acquired by EverBank, previously a subsidiary of Sterling Bancorp.
Federal Reserve	Regulatory Authority	Government	The central bank of the USA, providing approval for the mergers.
Sterling Bancorp	Selling Company	Company	Parent company of Sterling Bank & Trust, involved in the sale to EverBank.
Bayview Acquisitions LLC	Other Company	Company	To acquire Sterling Bank’s residential tenant-in-common mortgage loans.
Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management	Private Equity Owners	Company	A group of private equity firms that own EverBank.