Tupelo, Mississippi-based Renasant Corp. will acquire Paris, Tennessee-based Commercial Bank & Trust Co. in a $142 million deal that’s expected to close in the first quarter of 2027, the companies announced Tuesday.

The move would bolster Renasant with nine branches in western Tennessee, including two in Memphis. Beyond that, it would give Renasant access to a trust and wealth management business that touts $1.2 billion in assets under management.

In Commercial, Renasant also inherits a franchise with a common equity tier 1 ratio of 19.6%, according to an investor presentation.

“For nearly 150 years, Commercial Bank has built a reputation across West Tennessee for exceptional service and deep community relationships – values that are central to who we are at Renasant,” Kevin Chapman, Renasant’s CEO and president, said in a statement Tuesday. “This partnership strengthens our presence in Memphis and provides solid, long-tenured deposit and wealth relationships throughout West Tennessee.”

The deal would push Renasant’s asset total to $28.6 billion, along with $20.4 billion in loans and $22.6 billion in deposits, the bank said.

Adding Commercial would stretch Renasant’s Tennessee footprint to 28 locations and about $2.6 billion in deposits – enough to rank in the top 10 in the state among banks with less than $100 billion in assets, the lender said.

Commercial’s CEO, Mott Ford, is expected to join Renasant in a market executive role after the acquisition closes, the companies said.

“As our board considered the best path forward for our shareholders, associates and customers, Renasant stood out as the right partner – a relationship-driven Southeastern bank whose culture mirrors our own, with the products, capabilities and balance sheet to serve our customers as they grow,” Ford said in a statement Tuesday.

Under the deal, Commercial shareholders will receive 0.8798 shares of Renasant common stock for each Commercial share they own, the companies said.

The $142 million deal value is based on Renasant’s 10-day average closing price of $40.29 per share from Monday and includes a roughly $35.7 million cash dividend Commercial is set to pay its own shareholders before the transaction closes.

The Commercial deal would mark Renasant’s first acquisition since expanding into Louisiana by buying The First Bancshares for about $1.2 billion in 2025.

By comparison, that deal gave Renasant more than 100 added branches and an extra $8 billion in assets.

For its part, Commercial counts $1.1 billion in assets, $983 million in deposits and $648 million in loans, according to Tuesday’s release.