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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DEC 11 It's the holiday season, and that means you can count on seeing some pretty crazy stuff going down at the Wal-Mart, but this story out of Marshall, Texas takes the cake. A man went in and attacked a couple of people with a hatchet. Who stopped him? A customer who started launching soup cans at him -- and connected with his noggin. The story tells us that while some folk were injured, everyone's been released from the hospital.
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DEC 11 Here's a post on NOLA Defender from the chef de cuisine at Delmonico's about gumbo. Chef Anthony Scanio shares childhood food memories that aren't quite a warm and fuzzy cliche -- but they certainly sound authentic. His personal story isn't just about food, it's a true New Orleans boy's upbringing. It's a cool story, and it ends with recipes for seafood gumbo and red beans.
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DEC 11 Well, knock us over with a rainbow-colored feather. The Shreveport City Council passed an ordinance granting equal protection to LGBT folks, this KSLA story reports. It basically forbids discrimination against people based on their sexual orientation. According to the story, city workers already have had that protection, since 2009.
DEC 11 That nice lady over in Denham Springs must still be mad at her neighbors for stealing her dog, because she's back up on her roof, making a big ole "one finger salute" in Christmas lights. This story in the Advocate even gives us a picture of the process underway, in case you are experiencing a similar situation and would like some finger-display-creation tips.
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