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By STEVEN NALLEY
Renasant Bank announced plans Tuesday to enter the Starkville market with help from its new Starkville Division President, Tommy Tomlinson.
Scott Cochran, Mississippi Division President with Renasant, said the time was right to expand into Starkville now Tomlinson has joined the company. He said it would be the latest in a series of expansions into the Golden Triangle area, including an entry into Columbus last November.
â€śThat has been an area we have long wanted to be in, as we are located now in Columbus, West Point and Louisville,â€ť Cochran said. â€śWith the strong economy in Starkville and the abilities Tommy brings to the table, it was a perfect marriage for us.â€ť
Because regulatory procedures for the new location are still ongoing, Cochran said he could not yet confirm a location for the bank or a timetable for its opening. He said Renasant does have a location in mind, however, and that location should be revealed within a week.
Cochran said Tomlinsonâ€™s experience as an executive banker with another regional bank would be an invaluable asset at Renasant.
â€śStarkville is a growing market, and with Tommy Tomlinson joining us to lead Renasantâ€™s entrance, the opportunity for us is tremendous,â€ť Cochran said. â€śWith Tommy, we have an experienced and well respected professional who knows the Golden Triangle area, and with his ties to Mississippi State and his 30-plus years of experience in community banking, we are poised for a successful entrance into the Starkville banking market.â€ť
Tomlinson said there were two reasons for his move to Renasant. First, he said, Renasant and its staff are as committed to the communities they serve as he is.
â€śIâ€™ve admired Renasant for many, many years,â€ť Tomlinson said. â€śTheir people in their executive offices have the same philosophy Iâ€™ve always had as far as community banking. Renasant is a community-oriented bank where decisions are made on the local level. You get the products of a big bank with the service of a local community bank, and relationships are the foundation for success.â€ť
Second, Tomlinson said, because of Renasantâ€™s community commitment, he felt his experience would be a good fit for the company, allowing him to continue serving the Golden Triangle community.
â€śFor me, this has been a very lengthy process, and it just kept pointing to the fact that Iâ€™ve got 36-plus years in the banking industry, including 28 years with my previous employer,â€ť Tomlinson said. â€śEven with that longevity with them, it was a good fit for me personally to join with Renasant.â€ť
Cochran said he agreed Tomlinsonâ€™s background fit Renasantâ€™s business model.
â€śTommy is a definite relationship banker who possesses the qualities and characteristics that represent Renasant Bank and obviously allows us to fulfill our mission statement,â€ť Cochran said, â€śwhich is to be the best financial services provider for markets that we serve.â€ť
Tomlinson will not be the only local element helping to bring Renasant to Starkville. Jeff Overstreet, who graduated from Mississippi State University as the Mississippi Bankersâ€™ Associationâ€™s 2008 Swayze Scholar, will serve as commercial lender and banking officer for Renasantâ€™s new bank. Jim Ferguson, who served with Tomlinson at his former bank as senior vice president and trust department manager, will join Renasant as senior vice president and trust officer.
According to a press release, Renasantâ€™s entry into Starkville is the bankâ€™s eighth expansion in the past 12 months. Other recent expansions include Renasantâ€™s entry into the Montgomery, Ala., market, its acquisition of RBC Bank USAâ€™s trust division in Birmingham and its acquisition of American Trust Bank in Roswell, Ga. With these expansions, Cochran said, Renasant stands in contrast with other banks weathering the Great Recession.
â€śThis is kind of swimming against the current,â€ť Cochran said. â€śIn the current banking environment weâ€™re in, youâ€™re not seeing banks expand like Renasant Bank is. Itâ€™s a sign of the strength of Renasant Bank that weâ€™re able to expand in spite of the economic downturn.â€ť