Renasant Bank is headquartered in TUPELO and is the 4th largest bank in the state of Mississippi. It is also the 108th largest bank in the nation. It was established in 1904 and as of June of 2024, it had grown to 2,301 employees at 166 locations. Renasant Bank has an A+ health rating.
This bank definitely isn’t your friend. I had automatic items come out of my account and the same day I put money to cover them. I was still charged an overdraft fee even though the money was there before the cut off time. Their response is the money should have been in there before the transaction took place. My other bank wouldn’t ever do that. Their app is a dinosaur compared to other banks. You have to download a separate app to turn your card off in the case you loose it. The people in the branch are typically nice but just know this bank doesn’t look out or even pretend to care about you.
I recently had a very bad experience with service at Renasant bank, my mortgage loan company. Renasant bank increased my mortgage without cause. They claimed I either did not have or had insufficient home owners insurance to meet the requirement of loan agreement with Renasant bank.
Renasant Bank let me know my dwelling coverage component of my home owners insurance stated $306k but they required at least $350K
I reached out to my home owners insurance company which is Mercury to further investigate this claim by Renasant bank. Mercury let me know that even though they provide dwelling coverage of $306k, they also provide an additional 25% additional dwelling coverage on top of the $306k. This is $382k in total. This is clearly stated on the second page of the home owners insurance declaration page.
I communicated this multiple times with my loan officer (Angie Jones) but she would not understand what I was saying. I emailed the Insurance declaration page to her, I even visited local Renasant bank branch in Lawrenceville Georgia, and spoke with the branch manager (Paul Bishop). He in turn emailed Angie Jones about my complaint. But Received the response saying I did not the insurance requirements
After multiple phone calls back and forth with the bank and the insurance company, I finally initiated a three way call with a mercury Insurance agent , and Angie Jones, my loan officer. On the call, the insurance agent stated that did meet the state insurance requirements. It is only after this that my loan officer finally accepted that i met the requirements
This ordeal was very stressful for me. This was very poor service by loan officer. As loan officer, the least you should do is listen to your customer and hear them out, and not just disregard what they are saying to you
We have banked with Renasant for 12 years and after 3 separate (major) issues, we will be moving to another bank. They are not helpful, the afterhours line is a joke, and if you have a problem, good luck in getting it resolved quickly. I should have switched after the first problem with them but I incorrectly assumed they would help since we have been loyal. They don't care about the customer and I would NEVER recommend this bank to anyone.
Overall | |
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FDIC Certificate # | 12437 |
Year Established | 1904 |
Employees | 2301 |
Primary Regulator | FDIC |
Profit Margin | |
---|---|
Return on Assets - YTD | 1.03% |
Return on Equity - YTD | 6.98% |
Annual Interest Income | $433.9MM |
Assets and Liabilities | ||
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Assets | Q2 2024vs Q2 2023 | $17.51B$17.22B |
Loans | Q2 2024vs Q2 2023 | $12.67B$11.99B |
Deposits | Q2 2024vs Q2 2023 | $14.42B$14.26B |
Equity Capital | Q2 2024vs Q2 2023 | $2.59B$2.46B |
Loan Loss Allowance | Q2 2024vs Q2 2023 | $199.9MM$194.4MM |
Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $97.5MM$89.8MM |
Real Estate Owned | Q2 2024vs Q2 2023 | $7.4MM$5.1MM |
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APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
4.25% | $10k | - | 5 Month CD Special | |
4.00% | $10k | - | 7 Month CD Special | |
3.75% | $10k | - | 11 Month CD Special | |
2.75% | $10k | - | 17 Month CD Special |