RBC is a commercial finance company that offers factoring and asset-based lending solutions (ABL) to commercial borrowers across the nation and has aggregate earning assets valuing more than $100m
Renasant Corporation, through its fully-owned subsidiary Renasant Bank, has acquired Republic Business Credit (RBC), previously known as Continental Republic Capital, for an undisclosed sum.
Established in 2011, RBC is a commercial finance company that offers factoring and asset-based lending solutions (ABL) to commercial borrowers across the nation.
The company has aggregate earning assets valuing more than $100m and has seen more than $8bn in factoring originations since launch.
RBC will now operate as an individual subsidiary of Renasant Bank and will continue to operate under its existing brand name.
Together with all its associates, co-founder and CEO Stewart Chesters, president Robert Meyers, and chief operating officer Matthew Begley will continue to remain in their positions.
Chesters said: “The RBC team is thrilled to join the Renasant family. Together we will support more small- and medium-sized businesses under a shared sense of values and credit discipline.
“From the initial meeting with Mitch Waycaster and Renasant’s leadership team, there has been a natural cultural fit with the bank that sets us up for mutual success going forward.”
Renasant is the holding company of Renasant Bank, a 119-year-old regional commercial financial institution based in Tupelo, Mississippi.
The company has assets worth $16.5bn and operates 195 banking, lending, mortgage, wealth management and insurance offices.
It operates in Mississippi, Tennessee, Alabama, Florida, Georgia, North Carolina, and South Carolina regions.
Raymond James & Associates and the law firm of Phelps Dunbar served as advisors to Renasant, while Hovde Group and the law firm of Krieg Devault as advisors to RBC on the transaction.
Renasant president and CEO Mitch Waycaster said: “RBC has a track record of growth, profitability and strong asset quality. This partnership allows Renasant to add depth to lines of business where we have the expertise and have experienced success.”
RBC president Robert Meyers said: “Renasant allows our team to continue to expand and to provide incredible development opportunities for our people.
“This dynamic partnership with Renasant will expand access to working capital for our current clients and better serve our referral sources and private equity partnerships with additional product offerings.”