The Justice Department claims the bank, which has received “satisfactory” ratings in its last four CRA exams, is failing to serve minority neighborhoods around Minneapolis.
Matt Machen, who previously served as the company’s president, has been at Bear State since 2011.
Kim Ruth once served as a state president for Bank of America in Texas.
While the Trump administration could relax other bank regulations, it is unlikely that it would ease up when it comes to money-laundering compliance.
The $190 million deal would push Renasant above the $10 billion-asset regulatory threshold.
The company has been producing solid loan growth in recent quarters.�@9@e
About $12 million of the proceeds will go toward exiting the Small Business Lending Fund.
The Michigan company expects a recently announced mortgage initiative to produce solid growth in 2017.
Ategra Community Financial Institution Fund believes the move would improve independent oversight of management.
The company sued the former director over the debt, which disqualified him from board service.
