St. Petersburg financial firm bought by Mississippi bank


Sabal Trust Co. in St. Petersburg has sold.
Sabal Trust Co. in St. Petersburg has sold.
Image via sabaltrust.com
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Sabal Trust Co., a St. Petersburg non-deposit financial institution, has been bought by a Mississippi bank

Terms of the deal were not disclosed. 

The buyer is Hancock Whitney Bank, a subsidiary of Hancock Whitney Corp., and the sale is expected to close in the second quarter.

The Gulfport, Mississippi, bank says in a statement that buying Sabal and its four offices — St. Pete, Tampa, Sarasota and The Villages — allows it to “expand its wealth management line of business and strengthen (its) commitment to Central Florida.”

Hancock Whitney has 25 locations in the state, including nine in cities along the Gulf of Mexico.

Sabal is an employee-owned non-depository trust company. According the Florida Office of Financial Regulation, a non-depository trust is a “corporation which is engaged as a trustee, fiduciary or agent for individuals or businesses in the administration of trust funds, estates, custodial arrangements, stock transfer and registration, and other related services. Non-deposit trust companies may also engage in fiduciary investment management functions and estate planning.”

In other words, it handles trust administration, investment management, retirement planning and estate settlement.

Sabal earned revenues of $22.1 million in the year that ended Dec. 31 and had assets under management of approximately $3 billion, according to the statement.

 

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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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