New Orleans-based Whitney Holding Corp., which is in the midst of a merger with Hancock Holding Co. of Mississippi, reported a net loss of $88.5 million for the fourth quarter of 2010, compared to a net loss of $29 million in the third quarter and net income of $300,000 in the fourth quarter of 2009. Including the $4.1 million dividend paid each quarter to the U.S. Treasury on the preferred stock issued under TARP, the loss per diluted common share was 96 cents for the fourth quarter of 2010, 34 cents for the third quarter of 2010 and 4 cents for the fourth quarter of 2009.
“The results for the fourth quarter were in line with our previously announced problem credit resolution strategy,” said John C. Hope III, chairman and CEO. “Operating results outside of credit also were in line with expectations. I continue to believe we are in a position to return to full-year profitability beginning in the first quarter of 2011, excluding any merger-related items. I also expect the company to contribute meaningfully to the long-term success of the Hancock/Whitney combination.”
On Dec. 21, Whitney agreed to be purchased by Gulfport-based Hancock in $1.5 billion deal expected to close in the second quarter of this year. — Walter Pierce
Frank’s Casing Crew, now doing business as Frank’s International, will make its final appearance on ABiz’s list of the Top 50 Privately Held Companies in Acadiana this year, and once again, it will likely be at the top with more than $1 billion in annual revenues. The 75-year-old company specializing in tubular fabrication and installation services to the oil and gas industry plans to go public this year.
The defeat, or rather highjacking of House Bill 420 in the final days of this year's Legislative Session, say Reps. Vincent Pierre and Terry Landry, is the result of the propaganda spread by one unidentified local media outlet and an unnamed former state Representative, but nothing to do with the original legislation's lack of checks, balances or details.
He’s a singer. A songwriter. A piano man. A family man. He’s even got his own Wikipedia entry. He’s David Egan. And he knows ancient secrets about the monolithic stones of Stonehenge that he’s not willing to share.