Hancock purchases Florida bank
Published: December 21,2009
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Silver Airways ordered to continue service
- Seafood R’evolution set to make Mississippi ‘the new culinary epicenter of the South’
- Bryant signs controversial abortion ban bill
- Two Delta groups getting economic development funding
- Pharma Pac lays off rest of workers; could end up owing state
- Soybean yield more than doubles in less than a decade
- Plans unveiled for large shooting range on Coast
- Ole Miss launches commitment to be 'climate neutral'
- Yarber could be sworn in today as new Jackson mayor
- Biloxi baseball project still alive but may be held for 2015