Whitney Bank And Hancock Bank Will Ink A Merger
December 23rd, 2010 - 8:42 pm ICT by GDBy Madhuri Dey
Dec 23, (THAINDIAN NEWS) Announcement of a bank merger deal hogs the limelight in the entire United States on Wednesday. Two banks well- known for serving the Gulf Coast over more than a century is heading towards creating a financial powerhouse by joining forces. Reportedly, Hancock bank which trails Trustmark National Bank and BancorpSouth in size has agreed to purchase New Orleans based Whitney bank using $1. 4 billion in stock. Reports convey that officials announced if the merger is approved it will make Hancock holding the largest Mississippi based banking company in the state, which will then ascend it to the 32nd largest in the nation.
Notifying the ties between the two institutions both historically and geographically Hancock’ s CEO Carl Chaney stated that this spotlight grabbing merger was in its pre- merging works for nearly a century year. Reports say there is an expectation of the merger being signed by midyear and phased in by 2013. Sources close to Hancock bank officials out spoke that if the merger moves forward Louisiana and Texas operations will still use the Whitney name. Officials of Hancock bank assured that this merger will prove to be highly beneficial for customers, shareholders and business clients. A branch will be found by the Hancock Bank’ s Mississippi customers after traveling from Houston to St. Petersburg that won’t charge them ATM fees. Sources out spoke business can be conducted with the help of nearly 400 ATMs across 5 states.
Reportedly, officials admitted after merger few positions won’ t be necessary and number of employees would be around 2,000- 5, 000. Assurance has been given that the merger won’t affect people having mortgages with Whitney bank. Reports revealed approval from shareholders of both banks, U.S. federal Reserves, bank regulators and FDIC is necessary before the merger moves forward.
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