New bank moving into 8 Commerce Street Tower

Artist drawing of what the bank's building will look like.
Artist drawing of what the bank's building will look like.

MONTGOMERY, AL (WSFA) - An historic building in downtown Montgomery just welcomed a new tenant, Renasant Bank. Offices are set to open in October and will have 10 employees to start off.

The bank is part of a $4.3 billion, 107 year old financial institution. The company plans to move its Montgomery division headquarters into the 8 Commerce Street Tower, which has a history of housing financial institutions. The building was First National Bank, then it housed offices for Regions Bank.

"This location perfectly compliments our talented and experienced Renasant team..." said Eastern Division President Mike Ross.

Renasant's move to Montgomery adds to its growing footprint in Alabama. It already has locations in Birmingham, Huntsville, Decatur and Madison for a combined total of more than $600 million in assets within Alabama.

Saturday the company entered into a purchasing agreement to buy RBC Bank (USA)'s Birmingham-based asset Trust division. The price tag: $680 million.

"We are excited and appreciate the confidence Renasant Bank is showing in our community..." said Montgomery Mayor Todd Strange. "We welcome them and look forward to their efforts to bring vitality and energy to the River Region."

Renasant will lease 10,500 square feet in the building, and a sizable investment will be made to renovate the offices and full-service retail banking area. While the first floor is being renovated, Renasant's bankers will work from the second floor of the tower.

Signage signaling Renasant's arrival in Montgomery will be hung on the building's trademark brown-wrapper top in the near future.

The company operates 75 banking, mortgage, financial service and insurance offices in Mississippi, Alabama, Tennessee and Georgia.

Copyright 2011 WSFA 12 News. All rights reserved.