Whitney Bank, the banking subsidiary of Hancock Holding Company, has obtained regulatory approval to acquire nine branches and about $1.3bn in loans from First NBC Bank, a banking unit of First NBC Bank Holding Company.

Whitney will acquire about $500m in transaction and savings deposits, and about $600m in Federal Home Loan Bank of Dallas (FHLB) borrowings as part of the deal. Until now, Whitney has purchased about $260m of the identified loans.

The deal, announced last December, is expected to be completed on 10 March 2017.  

At the same time, Whitney Bank is also plans to shut down ten branches in southeast Louisiana. The affected branches are located in Metairie, Terrytown, Berwick, New Orleans, Mandeville, Hammond, Independence, Houma, and Slidell.

Majority of the closures are to remove overlapping locations created by its takeover of First NBC Bank branches.