US-based Renasant Corporation said yesterday its wholly-owned subsidiary, Renasant Bank, a $4.2 billion financial institution, has entered an agreement to buy the Birmingham, Alabama-based trust department of RBC Bank (USA), which services clients in Alabama and Georgia.

The acquisition by Renasant will not affect the separate trust operations of RBC Wealth Management in the US or RBC Trust Company (Delaware), Renasant said in a statement.

Under the terms of the transaction, prior to the closing RBC Bank will transfer its $680 million in assets under management, comprised of personal and institutional clients with over 200 trust, custodial and escrow accounts, to a wholly-owned subsidiary, and Renasant will acquire all of the ownership interests in the subsidiary. 

The completion of the acquisition is subject to the receipt of regulatory approval and the satisfaction of certain other conditions. When finalized, Renasant expects its wealth management and trust assets under management and advisement to total approximately $1.5 billion.

The agreement comes shortly after it was announced that RBC said it had entered a definitive agreement to sell its US regional retail banking operations to PNC Financial Services Group for approximately $3.62 billion, as the Canadian bank refocuses its US efforts on the wealth management and capital markets divisions.