Renasant Corporation and its wholly-owned subsidiary, Renasant Bank, acquired Republic Business Credit (formally known as Continental Republic Capital) (RBC) in an all cash transaction. RBC is a commercial finance company with average earning assets in excess of $100 million. Founded in 2011, RBC has grown into a premier, tech-enabled independent commercial finance platform that provides factoring and asset-based lending solutions to commercial borrowers nationwide with more than $8 billion in factoring originations alone since inception.
RBC will operate as a separate subsidiary of Renasant Bank and will continue to operate under and leverage its existing brand name. All of RBC’s current leadership and associates are expected to remain in their positions, led by its co-founder and CEO, Stewart Chesters, its president, Robert Meyers, and its chief operating officer, Matthew Begley.
“We are excited to welcome Republic Business Credit to Renasant Bank,” Mitch Waycaster, president and CEO of Renasant Corporation, 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 expertise and have experienced success.”
“The RBC team is thrilled to join the Renasant family,” Chesters said. “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 allows our team to continue to expand and to provide incredible development opportunities for our people.” Robert Meyers, president of RBC, said. “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.”
Renasant was advised by Raymond James & Associates and the law firm of Phelps Dunbar. RBC was advised by Hovde Group and the law firm of Krieg Devault.
