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.
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Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
The circumstances surrounding the death last March while in the backseat of a sheriff’s cruiser of Victor White III, long a source of dispute by White’s family, have earned an investigation by federal officials.
Lafayette patio home or Port Barre waterfront cottage
With six of the LPSB’s nine members poised for Pat Cooper’s termination, a request was filed Tuesday for a fast-tracked hearing on the federal lawsuit calling for the disqualification of two board members from voting on the matter due to bias.
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Louisiana's Republican Party has filed a complaint against Democratic U.S. Sen. Mary Landrieu with the Senate's ethics committee about her use of private chartered planes.
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An attorney signs up to run against LPSB's Mark Cockerham, and within a week a lawsuit is filed by a former LPSS employee in an attempt to disqualify him. Coincidence?
According to Gov. Bobby Jindal, President Barack Obama needs to stop talking about “justice” and start murdering people, even if we have to go alone.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.
The Ragin’ Cajuns got off to a superb start Saturday night, and the Human Jukebox made the soaked season opener even sweeter for the third-largest crowd in Cajun Field history.
The Louisiana health department will follow a federal judge's order and refrain from immediately penalizing doctors who are trying to comply with a new abortion law that requires them to obtain admitting privileges at a local hospital, a spokeswoman said Monday.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
While bogged down with qualifying candidates last month, Secretary of State Tom Schedler didn’t lose sight of the true endgame coming in November and December.
Tuesday's Blogs from the Bog!
Stoned driving a concern when pot is legal; Detroit's bankruptcy trial; speed trap scandal in Florida and more national and international news for Tuesday, September 02, 2014.
A federal jury found attorney Daniel Stanford guilty Friday afternoon on eight of 13 counts for his role in the Curious Goods conspiracy.
Lafayette City-Court Judge Francie Bouillion has served on the bench for two decades since winning a special election to replace Judge Kaliste Saloom when he retired in 1994.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
A crew began erecting the 25-foot mini-wheel late morning Friday in anticipation of the evening’s Hottest Night of the Year party at the park.
Frances Boothe of Nunez, who also happens to be filmmaker Stephen Meaux’s grandmother, prepares a cool-weather fave.
The magazine's senior football writer also predicts a break-out year for Saints fourth-year running back Mark Ingram.
New Iberia colonial or Broussard traditional home
The LPSB is poised and ready to move forward with the termination of Pat Cooper following a discussion Thursday with the attorney hired for the investigation of the superintendent, but a decision of this magnitude should be left up to the new board seated in January, especially with three pro-investigation board members bailing out come the new year.
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Acadiana's nightlife guide.
Gulf Coast ceremonies marking the ninth anniversary of Hurricane Katrina have begun.
The Louisiana Department of Wildlife and Fisheries says there is little known about the effects of tiger prawns on indigenous Louisiana shrimp. But, officials say the reports they're seeking will help state biologists monitor the distribution of the prawns and determine the possible presence of spawning populations.