Hancock Bank’s acquisition of Whitney Bank
The parent of Hancock Bank, founded in Mississippi 112 years in the past, is obtaining New Orleans’ Whitney Bank, founded in 1883, inside a deal valued at about $1.5 billion.
Hancock Holding Co. and Whitney Holding Corp. said Wednesday the stock-for-stock transaction was approved unanimously by each companies’ boards.
Under terms from the transaction, shareholders of Whitney Holding will acquire 0.418 shares of Hancock Holding in exchange for each share of Whitney. That values every single Whitney share at $15.48, a 42 % premium to Whitney’s closing price tag Tuesday.
The agreement even now requirements regulatory approval. The companies anticipate completion from the merger from the second quarter of subsequent yr.
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