Shareholders of Whitney Bank are now trading stocks under HBHC, the symbol for Hancock Holding Co., as Saturday night marked Hancock’s legal acquisition of what used to be Louisiana’s largest bank.
Hancock Holding Co. Chief Executive Carl Chaney told The Times Picayune he expects the integration of the two financial institutions to be more amiable than other mergers he has overseen in the past, mostly because of the striking similarities in how the two banks operate in terms of lending cultures and spots in their respective markets.
As part of the deal announced in December, Mississippi-based Hancock will pay back $311 million in Troubled Asset Relief Program loans for Whitney. The new joint company, according to The T-P, is worth roughly $19.6 billion. Branches in Louisiana and Texas will still retain the Whitney name, while Alabama, Mississippi and Florida will bear the Hancock logo. The company headquarters will be in Gulfport, Miss.
It’s still unclear how many of the 5,000 jobs between the companies will be lost due to the merger, though Chaney says “most tellers and people who deal with the public” will keep their jobs:
While the systems of the two companies won’t be melded until early next year, customers and shareholders will see some immediate benefits from the merger.
While the transaction is expected to start contributing to Hancock’s earnings in 2012, one concern on analysts’ minds is how Hancock will do in absorbing a company that’s about 40 percent bigger by asset size.
Jonathan Briggs, managing director of Chaffe & Associates in New Orleans ... said that it’s not just that the smaller bank is swallowing the larger bank, but the fact that with Hancock at $8.1 billion in assets and Whitney at $11.5 billion in assets, both institutions are already pretty hefty.
The Hancock-Whitney deal will be challenging because both companies are large and complex, and Hancock could decide that Whitney’s technology or certain processes are better than its own and decide to adopt those companywide rather than switching everything over to Hancock’s systems.
Read more on the acquisition here.
Time and time again, the Lafayette Parish School Board shows an overwhelming tendency toward idiocy, but Wednesday night’s contentious discussion over Northside High School’s teen mother program tops the list of dumb discussions.
C & C Technologies, HIT Fitness, R3 Sciences, the Acadiana Symphony Association and the United Way of Acadiana recognized for innovation.
“The accomplishment of this goal within the next ten years is not only critical for the region to effectively compete with other regions for residents and businesses, but also to provide an amenity for everyone in Acadiana to enjoy.”
Education Superintendent John White says a continued push to try to keep Louisiana from using tests associated with the Common Core education standards are creating "a state of chaos" for public school teachers.
The Acadiana Symphony Orchestra has decided to end its traditional Independence Day spectacular known as Red White & Boom.
Under the deal, Teche shareholders would get 1.162 shares of IberiaBank for each share of Teche stock.
Gov. Bobby Jindal's plan to use $210 million in surplus and one-time money to help balance next year's budget received the backing Thursday of the State Bond Commission, support that was needed for the maneuver to work.
Acadiana's nightlife guide.
State wildlife and fisheries agents have arrested a 39-year-old man accused of stealing crawfish.
An East Feliciana Parish lawmaker has jettisoned his proposal to make it harder for a condemned prisoner to appeal a death sentence.
Senators advanced a proposal Wednesday that would let the governor remove New Orleans-area levee board members for violating what he considers to be public policy, despite concerns it would introduce political meddling into state flood protection.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Thursday, April 17, 2014:
Thursday's Blogs from the Bog!
The must have pieces this season
Dave Perkins, LCG Comp Plan honored along with local architects and designers at the 2014 INDesign Awards
Greg Manuel’s Lafayette-based residential development company is taking advantage of exponential industrial growth in Lake Charles.
Longtime Lafayette retailer ventures online.
It’s not how aggressive or conservative you are — it’s planning for risk that matters most.
Thanks to cutting-edge digital technology, more and more consumers are banking on ATMs and mobile phones.
Regional bank bids farewell to Downtown May 30
ABiz takes a look back at the most noteworthy moments for the local banking industry over the last year.
Most experts say short-term interest rates will be unchanged through 2014, but long-term rates are inching up.
Largest recruitment event in Acadiana returns May 21 to the Cajundome Convention Center
A lawyer’s ad should only be a starting point, as there is much more to consider when seeking quality representation.
Thanks to the inaugural 2012 INNOV8, a design for lifting heavy objects was brought to market.
The annual juried competition recognizes excellence in architecture, interior design and historic preservation in Lafayette and the five surrounding parishes.
Cypress Bayou GM hosts open house.
New hires, promotions, transfers in Acadiana business
The scion of a landmark Four Corners restaurant climbs back into Lafayette’s culinary scene as franchisee for a popular burger chain.
The Lafayette City-Parish Council on Tuesday will vote on a resolution that if approved would clear the way for a December ballot proposition asking voters to approve a 1-cent sales tax parishwide to help fund the construction of a new terminal at Lafayette Regional Airport.