The Federal Reserve has approved the long-awaited merger of Whitney Bank with Mississippi-based Hancock Bank, bringing the official acquisition date of June 5 closer to fruition.
Hancock announced in December that it was acquiring Whitney, Louisiana’s largest bank, in a $1.5 billion stock deal that shareholders from both banks approved April 29 and the Federal Reserve approved Friday, according to Associated Press business writer Alan Sayre.
Sayre writes on The Houston Chronicle’s website that the new combination will have to sell Whitney’s seven branches Biloxi-Gulfport market, as well as $155.4 million in deposits and one office in Bogalusa:
The combined bank will be headquartered in Gulfport, although Hancock has said that it will maintain a small regional management office in New Orleans. The bank will operate under the brand name of Hancock in Mississippi, Alabama and Florida, while current Whitney Bank locations in Louisiana and Texas will keep that name.
Whitney has struggled for several years with bad loans in Florida, but returned to profitability in the first quarter.
The deal has been widely publicized, particularly after filings with the U.S. Securities and Exchange Commission revealed that Whitney had been in negotiations with another rival bank for more than three months before Hancock swooped in for the acquisition. The rival bank was later confirmed to be IberiaBank.
Other challenges include a class-action lawsuit filed on behalf of Whitney’s shareholders and a claim from a New York watchdog group that Hancock has a poor record of minority lending.
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NOV 24 Because of a town ordinance, the police will come to a disabled girl's home this week to take away her service dog and kill him. Sound like a bad Lifetime movie? Nope - it's real life in Moreauville, blogger Lamar White Jr. tells us in this post. The dog's crime? Being born a pit bull. What's the reason for this ordinance? Well, the town fathers are a little vague on that one. Maybe Obama?
NOV 24 Columnist Stephanie Grace is writing about Bobby Jindal's continuing refusal to accept federal funding for the expansion of Medicaid. It's purely an attempt to benefit him politically, meaning the decision is "cruel, short-sighted and remarkably self-centered." Well, yeah. Have you met him?
NOV 24 The New York Times editorial board is writing about the 40 years that Albert Woodfox has spent in solitary confinement in this post, calling it "barbaric beyond measure." Since Richard Nixon was president, the man has been in solitary in Angola Plantation Penitentiary. How is that OK with us?
NOV 24 The GOP has a boogie-man for anybody thinking about voting for Mary Landrieu: President Obama. But the Dems have one for Bill Cassidy, too, Melinda Deslatte writes in this AP post on The Reading Eagle -- and his name is Governor Jindal.
NOV 24 Blogger Bob Mann is blogging about race and the Senate campaign in this post. Sure, everybody knows that Mary Landrieu doesn't do too well with white folks, but how come the GOP can't get arrested in the black community? Bob is asking.
NOV 24 Early voting for the December election began Saturday, and this post on NOLA Defender tells us what Mary and Bill were up to. The polls and the pundits have their opinions, but none of that can replace actual voting, NODEF says.
NOV 24 Blogger Tom Aswell tells us about Bruce Greenstein's grand jury testimony in this post. The former state health secretary testified in an investigation into the lucrative contract Louisiana awarded to his former employer. Apparently, Mr. Greenstein has a bit of the C.R.S. disease.
NOV 24 Last week, an SUV carrying a blended Texas family overturned on the Interstate near Shreveport, killing the parents and three of their kids, and seriously injuring two other kids. According to this story in the Dallas Morning News, the DA has exercised some compassion and dismissed the ticket given to the teen who was driving.
NOV 21 One (possible) positive from Hurricane Katrina is a comprehensive zoning ordinance for New Orleans. Nine years later, we're getting closer to that being finalized, but the current version has some problems. Here's the latest in a series of posts on The Lens in which residents give their views of the draft; this one is more amusing than most.
NOV 21 The end of the term has come for the grand jury investigating a lucrative Medicaid contract and a former state health official's ties to the company that won it, the Advocate reports here, but that doesn't mean the investigation into this stinkiness is over. There are still some things to look into, the lead prosecutor says.
NOV 21 Bobby Jindal is headed to Iowa again, the Des Moines Register reports here. The paper outlines what's going on with Bobby's non-campaign for president, and there's a lot of stuff here -- too bad none of it sounds like somebody running Louisiana. Hey, wasn't that the job he wanted?
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