TUPELO, Miss., Nov. 14, 2008 (GLOBE NEWSWIRE) -- Renasant Corporation (Nasdaq:RNST) (the "Company") today announced that it will not apply to participate in the U.S. Treasury Department's Capital Purchase Program ("CPP"), which is part of the federal government's Troubled Assets Relief Program.
"Our Board of Directors and senior management team have extensively analyzed the terms and conditions of the Capital Purchase Program over the past weeks. After careful consideration, our Board of Directors made the decision that Renasant will not apply for CPP funds," commented E. Robinson McGraw, Chairman and Chief Executive Officer of the Company. "Renasant is currently well capitalized, and we believe that our strong capital position, coupled with future earnings, should allow us to meet projected balance sheet growth, deal with the downturn in the economy and take advantage of strategic growth opportunities without CPP funds," continued Mr. McGraw.
As of September 30, 2008, the Company was well capitalized pursuant to existing bank regulatory requirements. At September 30, 2008, the Company's Tier 1 leverage capital ratio was 8.30%, its Tier I risk-based capital ratio was 10.81%, and its total risk-based capital ratio was 11.84%, in each case well in excess of regulatory minimums.
Said Mr. McGraw, "While we applaud the Treasury Department's actions to help stabilize the financial markets, our Board ultimately decided that the costs and other restrictions associated with participating in the Capital Purchase Program outweigh the potential benefits to Renasant and our shareholders."
ABOUT RENASANT CORPORATION:
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. As of September 30, 2008, Renasant had assets of approximately $3.7 billion and operated over 65 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee and Alabama.
The Renasant Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2567
NOTE TO INVESTORS:
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.