GULFPORT — Hancock Holding Company has acquired the banking operations of Peoples First Community Bank (Peoples First) through a loss-sharing agreement with the Federal Deposit Insurance Corporation (FDIC).
Depositors of Peoples First will automatically become depositors of Hancock Bank, and deposits will continue to be insured by the FDIC. All offices of People First opened Dec. 19 as branches of Hancock Bank. Additionally, checks drawn on Peoples First will continue to be processed, and loan customers should continue to make their payments as usual.
Hancock Bank will acquire approximately $1.8 billion in assets and assume approximately $1.7 billion in liabilities.
Commenting on the acquisition, Hancock Holding Company president and CEO Carl J. Chaney said, “Peoples First depositors can rest assured their deposits remain safe, secure and accessible. The FDIC continues to insure their deposits to the fullest extent permitted, reinforced by the proactive risk management of one of the country’s strongest, safest financial institutions, Hancock Bank.”
The loss-sharing arrangement with the FDIC lessens the significant credit risk that usually accompanies a more traditional merger or acquisition.
Peoples First has 29 branches across the Florida Panhandle and Central Florida, including metropolitan centers such as Pensacola, Panama City, Jacksonville and Orlando. With this transaction, Hancock will increase the company’s total banking and financial services offices to more than 180 locations in Florida, Alabama, Mississippi and Louisiana.