Deal Overview
Buyer:
Renasant Corporation
Actual Acquirer:
Renasant Bank
Target:
Trust department of RBC Bank (USA)
Seller:
Royal Bank of Canada
Deal Type:
Securities & Investments Company
Agreement Date:
6/29/2011
Announcement Date:
6/29/2011
Announced Deal Value ($ M):
1.30
Announced Deal Value Per Share ($ )
NA
Status:
Completed
Completion Date:
8/31/2011
Consideration Breakout
| Cash ($M) | 0.8 |
| Contingent Payments ($M) | 0.5 |
Deal Terms
Description of Consideration
Renasant Corp. paid net cash of $792,000 to acquire trust department of RBC Bank (USA) from Royal Bank of Canada. Payment of the remaining of the purchase price and one-third of the initial payment are contingent on the retention of the former RBC Trust accounts for one year after closing. Renasant Corp. paid a final contingent payment of $510,000 in 2012.
| Percent Acquired (%) | NA |
| Purchase Method | Acquisition |
| Merger of Equals? | No |
| Estimated Cost Savings (%) | NA |
| Estimated Cost Savings ($ 000) | NA |
| Est. Restructuring Charges ($ 000) | 326 |