Posted: Dec 22, 2010 10:40 AM
Updated: Dec 22, 2010 10:40 AM
Source: Associated Press
NEW ORLEANS - The parent companies of two historic Southern banks - Hancock Bank in Mississippi and Whitney National Bank of New Orleans - have announced a merger.
A Wednesday morning news release says Hancock Holding Company and Whitney Holding Corporation have entered into an agreement to merge in a stock-for-stock transaction approved unanimously by both companies' boards of directors.
According to the news release, shareholders of Whitney Holding Corporation will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock. The agreement still needs regulatory approval. The banks have branches in Texas, Louisiana, Mississippi, Alabama, and Florida.