Renasant Corp. in Tupelo, Miss., has completed its acquisition of RBC Bank's Birmingham, Ala.-based trust department.
The $4.2 billion-asset company said on Thursday that the deal will not affect the separate trust operations of RBC Wealth Management in the United States. or RBC Trust Co. Ltd., both units of Royal Bank of Canada in Toronto. Royal Bank of Canada is exiting retail banking here, recently announcing plans to sell its Raleigh, N.C.-based RBC Bank to PNC Financial Services Group Inc.
The trust division, which has $680 million of assets, serves clients in Alabama and Georgia. The companies did not disclose a sale price.
For Renasant, the acquisition is part of a broader expansion into new markets in the Southeast. Over the past year, the company has acquired two failed banks in Georgia and opened branch offices in several communities in Alabama and Mississippi.
