Hancock Whitney agrees $3.2bn all-stock acquisition of Trustmark

Hancock Whitney has agreed to acquire Trustmark through an all-stock merger valued at around $3.2bn.

Trustmark will merge into Hancock Whitney under a definitive merger agreement.

The combined bank will have roughly $58bn in assets and operations spanning six Southeastern states.

For each Trustmark common share, shareholders will receive 0.7463 shares of Hancock Whitney common stock.

Upon deal completion, Hancock Whitney shareholders are expected to own about 65% of the combined company. Trustmark shareholders will hold the remaining 35%.

Hancock Whitney president and CEO John Hairston said: “By bringing together two high-performing banks with shared values, complementary capabilities, and a relentless focus on client success, we create an organisation that is stronger as one.

“This combination enhances our platform, expands growth opportunities, strengthens the core deposit franchise, and broadens the capabilities we deliver to consumer and business clients.”

Hancock Whitney expects the deal to be approximately 7% accretive to its estimated 2028 earnings per share.

It is also expected to be mildly dilutive to regulatory capital at closing and around 7% dilutive to tangible book value per share.

The tangible book value dilution is expected to be earned back in around 2.8 years, including merger expenses.

Five Trustmark directors, including Duane Dewey, will join Hancock Whitney’s board following completion of the deal.

Hancock Whitney plans to establish a Central Mississippi Advisory Board.

Trustmark’s existing relationships with local community partners will continue after the merger.

The deal is due to close late in the first quarter of 2027.

Completion remains subject to regulatory clearance, shareholder approvals, and other customary closing conditions.

Trustmark branches and associates are expected to move to the Hancock Whitney name and brand following conversion, which is planned for late 2027.

Trustmark CEO and president Duane Dewey said: “We and Hancock Whitney have long held a shared commitment to exceptional client service and relationship banking.

“Given the strong cultural alignment and complementary business lines between our two organisations, we believe this transaction will generate substantial value and meaningful benefits for our customers, shareholders, associates, and communities.”