By JENNIFER RICHjrich@bradenton.com
Whitney Bank, based in New Orleans, is merging with Hancock Bank, based in Gulfport, Miss.
The two regional banks are both of similar size and old Southern institutions. The merger is a stock-for-stock transaction which has been approved by both companies board of directors.
“It’s a good fit for Whitney Bank, we are similar in culture, personnel and our locations compliment each other,” Tramm Hudson, area president of Whitney Bank said Wednesday about the merger with Hancock.
Hancock’s Florida branches are mainly centered in the Panhandle, Jacksonville and Orlando while Whitney has 18 branches in the Tampa Bay area.
Both banks are old southern institutions. Whitney, based in New Orleans is the older of the two at 128. Hancock is 112 years old.
“We don’t anticipate any branch closing in our market,” Hudson said. The combined company will have almost 5,000 employees across across Texas, Louisiana, Mississippi, Alabama and Florida. The company will have $20 billion in total assets, $16 billion in deposits, $12 billion in loans and 305 branches.
The merger also will mean that banks in Texas and Louisiana will operate under the Whitney moniker while banks in Mississippi, Alabama, and Florida will carry the Hancock name.