Capital Bancorp shareholders to vote June 27 on Renasant merger

By Lisa Kerner

Charlotte, N.C., May 24 - Capital Bancorp, Inc. will hold a special meeting of stockholders on June 27 at 2 p.m. ET to vote on the proposed merger with Renasant Corp.

On Feb. 5, Renasant signed a definitive agreement to acquire Capital Bancorp in a cash and stock transaction valued at about $134.9 million. The transaction gives Capital common shareholders the choice of 1.2306 shares of Renasant common stock, $38 in cash or a combination of 40% cash and 60% common stock for each share of Capital common stock based on values at market close on Feb. 2.

Both companies' boards have unanimously approved the transaction, which is slated to close early in the third quarter of 2007, according to a company news release.

Renasant, based in Tupelo, Miss., is the parent of Renasant Bank and Renasant Insurance.

Capital Bancorp, a Nashville-based bank holding company, is the parent of Capital Bank & Trust Co.

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