NEWS P.O. Box 709 • Tupelo, MS • 38802-0709 Phone (662) 680-1219 • Fax (662) 680-1231 www.renasantbank.com NASDAQ: RNST CONTACT: Vivan Terry Phone (205) 824-3813 FOR IMMEDIATE RELEASE July 9, 2014 Renasant Business Credit Welcomes David Ellington Atlanta, GA – Renasant Business Credit is pleased to announce the addition of David Ellington to …View full post
NEWS P.O. Box 709 • Tupelo, MS • 38802-0709 Phone (662) 680-1219 • Fax (662) 680-1231 www.renasantbank.com NASDAQ: RNST CONTACT: Vivan Terry Phone (205) 824-3813 FOR IMMEDIATE RELEASE July 9, 2014 Renasant Business Credit Funds $4.5 million Revolver Atlanta, GA – Renasant Business Credit is pleased to announce the funding of a $4.5 …View full post
NEWS P.O. Box 709 • Tupelo, MS • 38802-0709 Phone (662) 680-1219 • Fax (662) 680-1231 Renasant Business Credit Funds $3 million Revolver Atlanta, GA – Renasant Business Credit is pleased to announce the funding of a $3 million asset-based revolving line of credit for an electrical and industrial wholesale distribution supply …View full post
According to American Express’ 2013 survey, the average amount that an American spends on summer vacation was approximately $1,145, and that number jumps to $4,580 for a family of four. As we enter the summer months of 2014, it’s good to keep in mind that there are great ways to lessen the financial impact of …View full post
P.O. Box 709 • Tupelo, MS • 38802-0709
Phone (662) 680-1219 • Fax (662) 680-1231
CONTACT: Vivan Terry
Phone (205) 824-3813
FOR IMMEDIATE RELEASE
July 9, 2014
Renasant Business Credit Welcomes David Ellington
Atlanta, GA – Renasant Business Credit is pleased to announce the addition of David Ellington to their asset based lending team in Atlanta. David has assumed the role of Portfolio Analyst in which he will provide broad based support to the ABL Operations, Originations, Underwriting and Relationship Management teams.
David has an BA Degree in Accounting from Furman University in Greenville, SC and has previous financial services industry experience.
Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit of $2 million and higher to lower middle-market companies throughout the Southeast.
ABOUT RENASANT CORPORATION:
Renasant Corporation, a 110-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.7 billion and operates over 120banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia. For more information please visit www.renasantbank.com or the Company’s IR site at www.renasant.com.
P.O. Box 709 • Tupelo, MS • 38802-0709
Phone (662) 680-1219 • Fax (662) 680-1231
CONTACT: Vivan Terry
Phone (205) 824-3813
FOR IMMEDIATE RELEASE
July 9, 2014
Renasant Business Credit Funds $4.5 million Revolver
Atlanta, GA – Renasant Business Credit is pleased to announce the funding of a $4.5 million asset-based revolving line of credit for a company based in Georgia serving the needs of utility companies throughout the South and Mid-Atlantic regions.
The borrower was able to significantly increase its loan availability, lower its all-in cost of working capital and reduce collateral reporting requirements as part of the new lending relationship.
“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the E.V.P. and Division Manager. He added, “In this particular case, we were able to offer increased availability on a portion of the Accounts Receivable due to the unique nature of the business model and the company’s strong customer base. The borrower will also enjoy a much more cohesive and streamlined treasury management process as a result of their new banking relationship with Renasant.” This relationship was originated, underwritten and will be managed by SVP Bill Drmacich.
Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit starting from $2 million (and up) to lower and middle market companies throughout the Southeast.
About Renasant Corporation:
Renasant Corporation, a 110-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.9 billion and operates over 120banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia. For more information please visit www.renasantbank.com or the Company’s IR site at www.renasant.com.
P.O. Box 709 • Tupelo, MS • 38802-0709
Phone (662) 680-1219 • Fax (662) 680-1231
Renasant Business Credit Funds $3 million Revolver
Atlanta, GA – Renasant Business Credit is pleased to announce the funding of a $3 million asset-based revolving line of credit for an electrical and industrial wholesale distribution supply company based in Georgia.
The borrower was able to significantly increase their loan availability, lower their all-in cost of working capital and reduce their collateral reporting requirements as part of the new lending relationship.
“This kind of value-added, relationship lending is the target market for Renasant Business Credit,” said Mike Knuckles, the E.V.P. and Division Manager. He added, “The borrower will also enjoy a much more cohesive and streamlined treasury management process as a result of their new banking relationship with Renasant.”
Renasant Business Credit, the Atlanta-based lending division of Renasant Bank, provides asset-based lines of credit from $2-10 million (and more) to lower and mid-market companies throughout the Southeast.
About Renasant Corporation:
Renasant Corporation, a 110-year-old financial services institution, is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $5.9 billion and operates over 120 banking, mortgage, financial services and insurance offices in Mississippi, Tennessee, Alabama and Georgia. For more information please visit www.renasantbank.com or the Company’s IR site at www.renasant.com.
According to American Express’ 2013 survey, the average amount that an American spends on summer vacation was approximately $1,145, and that number jumps to $4,580 for a family of four. As we enter the summer months of 2014, it’s good to keep in mind that there are great ways to lessen the financial impact of your vacation. If you want to stay thrifty, follow these five tips:
Start with your travel budget
Conduct a home budget analysis weeks or even months before your summer trip to determine how much you and your family can really afford to spend on vacation. Things can quickly add up if you decide to wing it and use credit cards for frequent purchases, so it’s good to check and see if you have set aside enough cash. (Remember that this money shouldn’t come from an emergency fund!)
Determining a good amount for travel expense depends on your lifestyle and financial situation but start with the figure mentioned above, $1,145 per person. Then see where you stand in relation to that. Open a savings account for your vacation expenses and contribute a percentage of your paycheck to it each month.
Search websites for travel deals
When it comes to big-ticket travel items such as airfare and hotels, deals come in bulk. Some sites offer up to 45% off when you book a combination of a flight, rental car and/or hotel. Vacation packages are also available for places currently in their official off-season, including the U.S. Virgin Islands. Check for packages on airline websites too, since they tend to team up with hotels and other companies to offer travelers a more straightforward way to save on their trips.
Deals for smaller, travel-related expenses, such as daytime activities and food, can be found on sites like LivingSocial and Groupon or even local activity websites. Search around before booking and be sure to pay attention to strict expiration dates or blackout dates.
Pack lightly and efficiently
Make a list, pack and check the list. If you tend to pack in a rush, you may want to give yourself an extra day to finish. The goal is to have every item on your list in your bag the night before and to lay out any clothes and toiletries you’ll need for the morning. It’s nice when you don’t need to buy another swimsuit, shampoo or pair of socks for your trip. Pack some extras in anticipation of an unusual change in weather or in the event of a last-minute change in your travel itinerary.
Cut down on food costs
Once you start traveling, the cost of food can add up quickly. Ways to remedy this include keeping track of meals per day, buying more meal staples such as fruits and nuts for periodic snacks, and looking out for less expensive restaurants or vendors. If you find yourself with a kitchen at your hotel or other accommodations, take full advantage of cooking. It may even become an adventure in itself. Just be sure to avoid snacking on the mini bars or relying on room service when you can.
Ultimately, it’s up to you how you spend your vacation. But bear in mind that you can make it fun without going into debt.
Guest Post by:
Nora Tarte, NerdWallet
According to the U.S. Department of Justice, millions of people fall victim to fraud each year. When it comes to your money, you can never be too careful about preventing fraud. next time you make a transaction or log into your online bank account consider these 5 steps courtesy of Laura Woods at NerdWallet:
1.) Exercise caution with passwords
While it’s easier to use the same password for every online account, it puts you at risk for fraud. Avoid using the same password for any two accounts containing sensitive information. It’s also wise to change your passwords often, as an extra security measure. While you change passwords, avoid any easy passwords such as “123456” or “password”, which top Splashdata’s list of the worst passwords of 2013.
2.) Be a savvy online shopper
Shopping online is quick, easy and convenient, but it’s important to do it wisely. Only shop at reputable, secure sites that you trust, whenever possible. If you question the legitimacy of a company or a person even the slightest, do an online search to ensure they’re reputable. And remember to always choose a credit card over a debit card when paying online, as it limits your liability in case of theft. Review all your credit card statements in a timely manner to ensure no unauthorized charges are made.
3.) Go straight to the source, instead of through an email
Online criminals are notorious for sending emails that look exactly like ones from your bank, credit card company or other financial institutions in an attempt to access your personal data. As these emails can be very difficult to distinguish from legitimate ones, it’s always wise to go straight to the site itself, instead of clicking a link in an email. One click can give criminals access to your personal data, essentially providing them with the key information to your online financial accounts.
4.) Demand extra security
Not all cashiers ask to see your ID when paying with a credit or debit card. This means anyone who gets their hands on your card can typically get away with using it for in-store purchases. Combat this by writing “see ID” on the back of your card, so cashiers are forced to ask for it. While it may cause you a little extra hassle, it’s well worth it to keep your money safe, as there’s little chance a thief will be able to produce another form of identification with your name on it ─ especially one that matches your signature.
5.) Shred important documents before tossing
If you think your trash is safe from theft ─ think again. Throwing away credit card offers, old bank statements, utility bills, and other documents containing your personal information gives dumpster divers easy access to your data. Criminals can use this data to open credit cards in your name, using their own contact information, so you’ll never even know it happened until you check your credit report.
Fight back against fraud
You can never be too careful when safeguarding your assets against fraud. It’s important to always be on your guard to ensure all your bases are covered. When the safety of your money is in question, it’s much better to be overly cautious.
The best place to retire in the entire world is Switzerland. That’s according to research fielded by Nataxis Global Management. The ranking is based on 20 key trends broken out from four broad categories: Health and health care quality, personal income and finances, quality of life and socio-economic factors. The United States barely made it into the top twenty, ranking number 19.
While the Swiss Alps are astounding, we enjoy our (usually) mild Southern winters too much to make that move.
But the research underscores the reality that, as Americans, we have to work harder than ever to gain financial security in retirement. Consider the path to life after work in every stage of life:
No doubt, this will be one of two debt-reduction stages in your life. It is quite likely you have amassed quite a bit of credit card debt through your college years and transition to full-time employment. We won’t even mention the student loans.
Now that you have that first (or second) full-time building-a-career-job, you will have two priorities: reducing debt and taking the entrance ramp on to the road to retirement.
There are plenty of blogs to inspire your credit card payoff plan; it’s just a matter of getting serious about it. And the retirement highway is marked with a sign reading “401(k).” If your employer offers one, sign up if you haven’t already, and defer at least as much salary as it takes to gain every dollar of any employer match. If the company you work for doesn’t offer a match, contribute as much as you can without breaking a no-doubt bare-bones budget.
That will probably be as much as you can handle in this first stage of life before true love.
Married with children
And then there are two. You and your significant other; and than a dog. Followed by a family. Things are getting pretty serious about now. If you haven’t already, it’s time to feed just one more family member: an IRA. You can choose a Roth or traditional IRA; your tax advisor can guide that decision. You’ll also want to max-out that 401(k) now, beyond the level of just the employer match. During these, your prime earning years, you want to make every retirement savings dollar count – before you start spending on all of life’s tempting non-essentials.
And that’s tough, because with children and all of your family-driven financial responsibilities, it’s easy to neglect your retirement savings. That why we’re making it automatic with maximized pre-tax and straight-from-the-paycheck 401(k) contributions. Your priorities should be: 1) Retirement savings, 2) children’s’ college funds and 3) everything else.
This is likely another period of your life where you are rapidly piling on a heap of debt: house, cars, credit cards (again). If you prioritize retirement savings by making tax-advantaged deposits to your 401(k) and IRAs first – and to the legal limit – it will help you minimize the debt damage.
Now the kids are in college, or a commune – sometimes things just don’t work out the way you think they will, right? – and you and the significant other are enjoying the scenery on the road to retirement. Plus, you’re facing your second debt-reduction plan: paying off the house, the cars and the credit cards.
By now, you should have a big, juicy balance in your 401(k) and the IRAs are looking pretty good, too. “Catch-up” contributions available to those 50 and over can help beef-up those balances even more.
Life after work
Taking the exit ramp on the road to retirement means pulling out a map and navigating Social Security, Medicare and your retirement benefits. You may decide to work part-time, or even full-time, at something you love. If so, you can adjust the withdrawal rate from your retirement assets to make them last even longer.
America may trail Switzerland in retirement rankings, but most of us aren’t too fond of snow shovels anyway.
Guest Post by:
Hal Bundrick, NerdWallet
Sometimes it’s necessary to borrow for major purchases like an education, a car, a house or maybe even to meet unexpected expenses. Your ability to get a loan generally depends on your credit history, and that depends largely on your track record at repaying what you’ve borrowed in the past and paying your bills on time. So, be careful to keep your credit history strong.
Actions You Can Take
- Track your borrowing habits.
- Pay your bills on time.
- When you need to borrow, be sure to plan, understand and shop around for a loan with a low Annual Percentage Rate (APR).
- Learn about credit and how to use it effectively.
- Pay attention to your credit history, as reflected by your credit score and on your credit report.
Hints and Tips
- Borrowing money is a way to purchase something now and pay for it over time. But, you usually pay “interest” when you borrow money. The longer you take to pay back the money you borrowed, the more you will pay in interest.
- It pays to shop around to get the best deal on a loan. Compare loan terms from several lenders, and it’s okay to negotiate the terms.
- When repaying a loan, it may be better to pay more than the minimum amount due each month, so you will have to pay less in interest over the life of the loan.
- One of your most important aids when shopping for a loan is the APR – the Annual Percentage Rate. This is the total cost, including interest charges and fees, described as a yearly rate.
- Paying your bills on time will help increase your credit score. Even if you fell into trouble with borrowing in the past, you can get on solid footing and rebuild your credit history by making regular payments as agreed.
- You are entitled to a free copy of your credit report every 12 months from each of the three nationwide credit bureaus. Go to www.AnnualCreditReport.com or call toll free 1-877-322-8228 to order the free reports. Beware of imposter sites.
For more Federal information, guides and helpful tools about the MyMoney Five principle, read more.
Consumers searching for relatively low-risk investments often turn to certificates of deposit (CDs). A CD is a special type of deposit account with a bank or thrift institution that typically offers a higher rate of interest than a regular savings account. Like all bank deposit products, CDs feature federal deposit insurance up to $250,000, per insured bank, for each account ownership category.
Here’s How CDs Work: When you purchase a CD, you commit to deposit a fixed sum of money for a fixed period of time – six months, one year, five years, or more – and, in exchange, the issuing bank pays you interest, typically at regular intervals. When you cash in or redeem your CD at maturity, you receive the money you originally invested plus any accrued interest. But if you redeem your CD before it matures, you may have to pay an “early withdrawal” penalty or forfeit a portion of the interest you earned. If the issuing bank fails during the term of the CD, the principal balance of the CD, together with interest accrued at the time of the bank’s closure, is insured by the FDIC up to the applicable deposit insurance limit.
Types of CDs Vary: At one time, all CDs paid a fixed interest rate until they reached maturity. Fixed-rate CDs, often referred to as “traditional” CDs, are still the most common. However, more and more banks are offering a greater variety of CD products with a broad range of non-traditional features. For instance, consumers can now find a growing number of banks offering CDs with little or no penalty for early withdrawals, with special redemption features in the event the depositor dies or with provisions giving the bank the right to “call,” or accelerate the CD maturity. In addition, many banks are offering CDs with variable interest rates based on either a pre-set schedule or tied to the performance of a specified market index (such as the S&P 500 or the Dow Jones Industrial Average). These latter CDs are often referred to as index-linked, market-linked, equity-linked, or structured CDs.
CD Accounts Established at an Insured Bank: The most common way to acquire a CD is by opening an account at an FDIC-insured bank. In such cases, the consumer, as the primary depositor named on the CD, can communicate directly with the bank about the account, review and confirm the terms of the account agreement, and obtain assurances that the CD is fully protected by FDIC deposit insurance.
Brokered or Agency CDs: Consumers also purchase CDs through brokerage firms or by using an agent. Common situations involve the use of traditional stock brokerage firms and those firms specializing in the sale of CDs, known as “deposit brokers.” Although brokered CDs can be placed directly in the name of an individual depositor, it is more common for brokers to establish co-mingled deposit accounts representing the funds of multiple customers.
A consumer with significant funds to deposit may use a broker to make deposits at multiple banks, thereby maximizing the consumer’s FDIC insurance coverage. In addition, consumers may be attracted to CDs sold by a broker who has made significant deposits in a bank on behalf of multiple depositors and, therefore, is able to negotiate higher CD interest rates than the individual consumer. Be aware, however, that CDs sold by brokers sometimes can be complex and carry more risks than traditional CDs sold directly by banks. An incompetent or unscrupulous broker could mislead or defraud its customers, resulting in loss or theft of the consumers’ funds. Since FDIC insurance coverage only applies if the broker in fact properly establishes and maintains the CD account on your behalf with your funds, it is very important to verify that you are dealing with a reputable broker when purchasing a CD. If the broker mishandles or misappropriates your deposit, your only recourse is against the broker.
A credit report can be a handy tool for others to assess your trustworthiness. It contains information on where you live, how promptly you pay your bills, whether you’ve ever been sued or have filed for bankruptcy. Having a good credit report can change the course of major life events, such as getting a job, being approved to rent an apartment or getting a loan for a house or car. In fact, the information on your credit report is so important, credit reporting companies sell it to creditors, insurers, employers, and other companies who use it to determine if they’d like to do business with you.
It’s clear to see how others benefit from using your credit report, but there are plenty of ways you can take advantage of your credit reports as well. If you’ve seen the advertisements for free credit reports but don’t really see the point, then it’s certainly time you learn all they have to offer.
First thing first: FACT
The Fair and Accurate Credit Transactions ACT (FACT Act) allows consumers to receive one free complete disclosure of all the information in their credit file from each of the three national credit reporting companies — Experian, Equifax, and TransUnion — once every 12 months.
Your free credit reports can be obtained three different ways, including:
• Visiting www.AnnualCreditReport.com
• Calling 877-FACTACT
• Mailing the request form to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281
Experts suggest you get your credit report from all three agencies once per year. It’s recommended that you stagger your requests to receive one every four months. This ensures you always have access to the most current version of your report.
Credit Report Scams to Avoid
The only website authorized to provide the annual free credit report you’re entitled to under the FACT act is annualcreditreport.com. Any other website claiming to offer the same free services are a fraud. Many times these companies will trick you into signing up for a free service that you actually have to pay for after a trial period ends.
Be mindful of how you type in web addresses. Some fake sites have URLs spelled similarly to annualcreditreport.com, in hopes that you’ll accidentally misspell the name of the real site. These sites will often try to collect your personal information or direct you to a site trying to sell you something.
Any emails that you receive supposedly from annualcreditreport.com or the three credit reporting agencies soliciting you for personal information are a fraud. Remember that you will never receive such messages from the actual companies themselves.
7 Reasons to Get Your Free Credit Report
1. Make Sure Information is Accurate
According to ABC News, 90% of credit reports contain errors. Requesting your free credit report allows you to verify that information is correct, complete, and updated. Finding and correcting any errors will raise your score.
2. Protection Against Identity Theft
When a criminal opens credit card accounts in your name and doesn’t pay the bills, it lowers your credit score. Finding and reporting identity theft can save your credit score from major damage.
3. Get Out of Debt
If you’re trying to improve a spotty financial history of missed or late payments, bankruptcies, collections notices, and other black marks, getting your free credit report is a great place to start. You can’t improve your financial situation until you understand exactly what it is.
4. Plan Major Purchases
If you’re planning to make a major purchase, such as buying a car or a house, you’re probably going to need to take out a loan. The amount of money a financial institution is willing to lend you, and the interest rate you’re granted, largely depends on your credit score. So if your credit report reveals many financial blemishes, you might be better off waiting a bit and trying to improve it.
5. Evaluate Your Money Management
All financial activity is not rated equally when calculating your credit score. Payment history is the most important factor at a 35% weight, followed by outstanding debt at 30%, length of credit history is weighted at 15%, and credit inquiries and types of credit used at 10% each. Using your credit report to research each of these factors can help you make decisions about how to better manage your money and raise your credit score.
6. Review Credit Inquiries
Your credit report shows you which companies have placed inquiries regarding your credit history. It’s always good to know who is looking into your financial past, so you can look into anything that appears suspicious.
7. Monitor Co-Signer Activity:
If you’ve agreed to co-sign on a loan with a child, another family member, or a friend, you’re liable if they don’t make timely payments. Late payments on the loan will have a negative impact on your credit score. Late payment activity will be shown on the credit report, so you can put a stop to the issue before it does too much damage to your credit.
A solid credit report can give you access to many life-changing opportunities whereas a bad credit report can close many doors. Take advantage of your free credit report to assess your financial weaknesses and strengths and develop strategic goals for changing bad habits that will lower your credit score. Your credit report can also help you avoid the expensive and reputation-tarnishing effects of fraud. Keep an eye out for errors and keep close tabs on others that might impact your credit report to maintain your financial health.
Now that you understand all the benefits of requesting free credit reports on a regular basis, it’s time to get yours today!