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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The fight to clean up Lafayette Parish could get some added ammunition with two ordinances up for votes Tuesday by the City-Parish Council targeting litter-bugs.
A divided 3rd Circuit Court of Appeal reversed a Lafayette district judge’s ruling absolving the co-owner of a New Iberia accounting firm of liability in an embezzlement case.
Our View: It’s reasonable, temporary and invests in Lafayette’s future.
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By striking a deal to lessen the blow of health insurance changes on state workers, school employees and retirees, Gov. Bobby Jindal's administration lowered the volume of criticism but gave itself and local school boards a new budget headache.
With the airport tax coming up for a parishwide vote in about a week, the Broussard City Council and its mayor have come out in support of the proposal.
Protesters rallied peacefully in several Louisiana cities in the wake of the Missouri grand jury decision not to indict a police officer in the fatal shooting of Michal Brown.
Three bedroom in Port Barre or two bedroom in Opelousas
US cities bidding on Olympics; Guard prevents more Ferguson riots; storm threatens travel and more national and international news for Wednesday, November 26, 2014.
Wednesday's Blogs from the Bog!
The U.S. rep billed LSU for work allegedly performed on the same days Congress voted on major legislation and held important committee hearings on energy and the ACA.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
Abysmally low participation by the public has prompted the council to scuttle the 2014 survey with plans to simplify it and try again next year.
The village now says the ordinance will likely be overturned and authorities will more vigorously enforce existing leash laws.
Lower oil prices also might slow the growth of oil production in parts of the U.S., Canada and elsewhere because it will no longer be so profitable.
Bill Cassidy cast an early ballot Tuesday, seeking to draw renewed attention to a race that has fallen off newspaper front pages and away from people's minds as they plan holiday meals and shopping schedules.
A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
Signs that our state’s banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC’s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
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State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
Battered all night by Baltimore's relentless pass rush, Drew Brees could feel his protection collapsing and Terrell Suggs getting ahold of him as he urgently unloaded a pass to the right flat toward tight end Jimmy Graham.
After a convincing defeat at the polls on Nov. 4, Earl “Nickey” Picard has decided to let bygones be bygones with his former right-hand man Brian Pope, announcing his support for his former employee’s runoff bid to become Lafayette’s next city marshal.
Saturday the athletic department did everything possible to ensure the 2014 Ragin’ Cajun seniors remembered fondly their last home game. Rain and lightning never arrived but turbulence did in the form of the Appalachian State Mountaineers.
Even stranger than the Republican Party’s decision to hold a “unity rally” earlier this month for Congressman Bill Cassidy in a Baton Rouge bar, Huey’s Bar, was the fact that the establishment was named after Louisiana’s most famous Democrat.
Bar Code is not a gay bar.
After failing to pass a medical marijuana bill last year, state Sen. Fred Mills, R-Parks, is telling supporters he will return in 2015 with legislation that focuses on different applications like oils and pills.
Voters, obviously, are not yet tuned into the 2015 ballot, despite the intriguing races it will host.
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