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.
A divided 3rd Circuit Court of Appeal reversed a Lafayette district judge’s ruling absolving the co-owner of a New Iberia accounting firm of liability in an embezzlement case.
Our View: It’s reasonable, temporary and invests in Lafayette’s future.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
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A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
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State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
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Thursday’s explosion aboard an oil production platform in the Gulf of Mexico is now under investigation by the Bureau of Safety and Environmental Enforcement.
Money from the first and only settlement so far in a Louisiana flood board's lawsuit against dozens of energy companies will be placed in a special account dedicated to coastal restoration.
BP is heading to a federal appeals court in its effort to oust the administrator of damage settlement claims arising from the 2010 Gulf of Mexico oil spill.
The 59-41 Senate vote was one shy short of the 60 needed to clear the House-passed measure.
Spot bonuses to employees who go above and beyond on projects one of several reasons national mag calls BR-based biz bank a cool place to work.
The Director Search Committee interviewed the five men still in the running via video last week and is set to trim the field this week.
Telecom’s decision to halt deployment to more than 100 cities while it awaits net-neutrality rules appears to be little more than a temper tantrum.
Environmental (and political) junkies got a double fix when The Lens hosted a discussion between its environmental writer and the lead attorney in the levee board suit.
Follow The IND to hear Lens environmental reporter Bob Marshall's interview with Gladstone Jones, the lead attorney in the lawsuit against the oil and gas companies for coastal damages.
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Broussard & David set up shop at the corner of Jefferson and Vermilion.
in light of falling oil prices, Forbes asks, “Will there be more?”
Lake Charles lets Acadiana companies in on the action as our neighbor to the west prepares for unprecedented growth.
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A U.S. magistrate judge calls “garbage” on behavior of attorneys for Progressive Waste Solutions.
The Lafayette food truck scene is slowing down but not stopping.
Lake-area financial institutions seeing green.