Renasant has agreed to acquire the Birmingham, Alabama based trust department of RBC Bank. The financial details of the transaction have not been disclosed by any of the firms yet.

As a part of the deal, RBC Bank will transfer $680 million in assets under management to a wholly-owned subsidiary and the buyer will acquire all of the ownership interests in the subsidiary. The transition, which is pending for regulatory approval, is expected to be completed by Aug. 31, 2011.

Click here for the release from PR Newswire.