Renasant in Tupelo, Miss., has acquired commercial finance company Republic Business Credit.
The $16.5 billion-asset company said in a press release that it bought the New Orleans finance company, formerly known as Continental Republic Capital, on Dec. 30. The price wasn’t disclosed.
Republic Business Credit, founded in 2011, is a national platform focused on factoring and asset-based lending. It has made more than $8 billion of factoring originations since its formation.
The finance company will operate as a separate unit of Renasant Bank and will retain its brand name.
Republic Business Credit’s leaders, including Stewart Chesters, its co-founder and CEO, Robert Meyers, its president, and Matthew Begley, the chief operating officer, are expected to remain with the lender.
“RBC has a track-record of growth, profitability and strong asset quality,” Mitch Waycaster, Renasant’s president and CEO, said in the release. “This partnership allows Renasant to add depth to lines of business where we have expertise and have experienced success.”
Renasant was advised by Raymond James and Phelps Dunbar. Republic Business Credit was advised by Hovde Group and Krieg Devault.