Shareholders of Whitney Bank are now trading stocks under HBHC, the symbol for Hancock Holding Co., as Saturday night marked Hancock’s legal acquisition of what used to be Louisiana’s largest bank.
Hancock Holding Co. Chief Executive Carl Chaney told The Times Picayune he expects the integration of the two financial institutions to be more amiable than other mergers he has overseen in the past, mostly because of the striking similarities in how the two banks operate in terms of lending cultures and spots in their respective markets.
As part of the deal announced in December, Mississippi-based Hancock will pay back $311 million in Troubled Asset Relief Program loans for Whitney. The new joint company, according to The T-P, is worth roughly $19.6 billion. Branches in Louisiana and Texas will still retain the Whitney name, while Alabama, Mississippi and Florida will bear the Hancock logo. The company headquarters will be in Gulfport, Miss.
It’s still unclear how many of the 5,000 jobs between the companies will be lost due to the merger, though Chaney says “most tellers and people who deal with the public” will keep their jobs:
While the systems of the two companies won’t be melded until early next year, customers and shareholders will see some immediate benefits from the merger.
While the transaction is expected to start contributing to Hancock’s earnings in 2012, one concern on analysts’ minds is how Hancock will do in absorbing a company that’s about 40 percent bigger by asset size.
Jonathan Briggs, managing director of Chaffe & Associates in New Orleans ... said that it’s not just that the smaller bank is swallowing the larger bank, but the fact that with Hancock at $8.1 billion in assets and Whitney at $11.5 billion in assets, both institutions are already pretty hefty.
The Hancock-Whitney deal will be challenging because both companies are large and complex, and Hancock could decide that Whitney’s technology or certain processes are better than its own and decide to adopt those companywide rather than switching everything over to Hancock’s systems.
Read more on the acquisition here.
Co-founder Ryan Trahan goes solo to keep it local.
Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.