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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
