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Tampa Bay-Lakeland
Business Observer Wednesday, Dec. 22, 2010 9 years ago

Whitney Bank sells to Hancock

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The New Orleans bank with Gulf Coast assets sold for $1.5 billion in stock.

Whitney Holding Corp. sold to Hancock Holding Co. in an all-stock deal that values Whitney at roughly $1.5 billion. The combined bank will manage $20 billion in assets and $12 billion in loans through a network of 305 branches.

Whitney expanded its presence on the Gulf Coast late last year by installing Eric Obeck as its regional president for the Tampa Bay area. The bank also brought on Tramm Hudson, a Gulf Coast banking veteran, as its Sarasota/Manatee president.

In February, the bank added Chris Pennewill, Jr., chairman of the Manatee Chamber of Commerce, to its staff as a senior vice president.

The acquisition will boost Hancock earnings by 10% on a per-share basis in 2012, and by 19% in 2013, the Gulfport, Miss.-based bank predicts. Hancock also said it would realize $134 million in cost savings by 2013.

Earlier this month, BMO Financial Group bought Marshall & Isley Corp. M&I had 13 Gulf Coast branches at the time of the transaction.

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