TUPELO, Miss., July 6, 2006 (PRIMEZONE) -- Renasant Corporation (Nasdaq:RNST) today announced that the NASDAQ Stock Market has included its stock as a member of the newly created NASDAQ Global Select Market. According to NASDAQ, the NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Since May 2005, Renasant Corporation had been listed on the NASDAQ National Market.
"We are excited to be recognized by NASDAQ as a company with strong value, liquidity and earnings," stated E. Robinson McGraw, Chairman and Chief Executive Officer of Renasant Corporation. "Renasant Corporation has and always will be focused on maintaining the highest standards for corporate governance."
In its press release naming the companies listed on the NASDAQ Global Select Market, NASDAQ stated that inclusion in this new listing tier is a mark of achievement and stature for qualified companies and such listing represents companies' commitment to provide investors superior market quality. According to NASDAQ, investors benefit not only from lower trading costs on NASDAQ but also by knowing that NASDAQ Global Select Market companies are models of leadership and have met the highest standards of any market in the world.
The new NASDAQ Global Select Market tier, which became effective on July 3, includes approximately 1,200 companies of the approximately 3,200 companies listed by NASDAQ. In conjunction with the creation of the new tier, NASDAQ will rename the NASDAQ National Market the NASDAQ Global Market. Companies on the NASDAQ Global Select Market will be required to meet NASDAQ's existing, high corporate governance standards. As a result, they must have a majority independent board, independent audit committee and independent directors must participate in officer compensation and board nomination decisions. Further, shareholders are required to approve significant transactions and the use of equity compensation.
ABOUT RENASANT CORPORATION
Renasant Corporation is the parent of Renasant Bank and Renasant Insurance. Renasant has assets of approximately $2.5 billion and operates 61 banking and insurance offices in 36 cities in Mississippi, Tennessee and Alabama.
The Renasant Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2567
NOTE TO INVESTORS
This news release may contain, or incorporate by reference, statements which may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements usually include words such as "expects," "projects," "anticipates," "believes," "intends," "estimates," "strategy," "plan," "potential," "possible" and other similar expressions.
Prospective investors are cautioned that any such forward-looking statements are not guarantees for future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include significant fluctuations in interest rates, inflation, economic recession, significant changes in the federal and state legal and regulatory environment, significant underperformance in our portfolio of outstanding loans, and competition in our markets. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.