Hancock Holding completes acquisition of Whitney
by For the MBJ
Published: June 6,2011
GULFPORT — Hancock Holding Company has completed its acquisition of Whitney Holding Corporation, effective June 4.
“This milestone in the rich histories of two well-established Gulf South banks begins a new era of opportunity for the company, our Hancock and Whitney customers, and the communities we serve,” said Hancock Holding Company president and CEO Carl J. Chaney. “The merger of Whitney into Hancock joins two longtime neighbors committed for more than a century to values of strength, stability, integrity, and service.”
Subject to the terms of the merger agreement, Whitney shareholders are entitled to receive 0.418 shares of Hancock common stock in exchange for each share of Whitney common stock they owned immediately prior to the merger.
As a result of the merger, Hancock Holding Company is now the parent company of two banks — Hancock Bank, headquartered in Gulfport, and Whitney Bank, headquartered in New Orleans and the largest state-chartered bank in Louisiana.
Chaney and fellow Hancock CEO and COO John M. Hairston will continue to lead Hancock Holding Company and remain as senior executives of Hancock Bank, while veteran New Orleans and Whitney banker Joseph S. “Joe” Exnicios has been appointed president of Whitney Bank.
“This combination creates the preeminent Gulf South financial institution, with $20 billion in assets and nearly 300 full-service branch locations. We believe the complementary strengths of Hancock and Whitney create a superior, dynamic financial institution with experienced local leadership and talented associates who are ready to serve our valued customers and communities throughout our business footprint spanning the Gulf Coast from Houston, Texas, to Tampa, Fla.,” Chaney said.
Until Hancock Bank and Whitney Bank convert to a single operating system, anticipated to occur in early 2012, Hancock and Whitney customers should continue to do business at their current Hancock or Whitney branches. However, customers of both banks can now use Hancock and Whitney ATMs free of charge.
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