Hancock Whitney to buy struggling Louisiana bank for $213M
GULFPORT, Miss. (AP) - A Mississippi bank is buying a Louisiana bank and also expanding its Texas footprint.
Hancock Whitney Corp. of Gulfport announced Tuesday that it will buy MidSouth Bancorp of Lafayette for $213 million in stock. MidSouth has been losing money, struggling with bad loans.
MidSouth sold more stock, closed branches and sold off some loans. But it again posted a loss Tuesday, losing $6.6 million in 2019's first quarter. Adding MidSouth's $1.7 billion in assets will put Hancock Whitney over $30 billion in assets.
The larger bank says it will spend $38 million on the merger, cutting MidSouth's expenses by half or more. Hancock Whitney says the acquisition will add to profits beginning in early 2020. MidSouth will give Hancock Whitney offices in northern Louisiana and Dallas for the first time.
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