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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OCT 31 The National Journal posts another story from its visit to NOLA, this one about the struggling Vietnamese shrimpers in the area. The publication has been looking at how the state is recovering from Katrina, nine years later.
OCT 31 The New York Times posts this look at Louisiana politics, and how national issues are forcing out the old-time local politicking. Of course they mention EWE, aptly described as an old-time politician known for "charming one half of the state and mortifying the other."
OCT 31 Here's an AP story on the ABC site about Louisiana's chicken little response to an international medical conference planned in NOLA this weekend. Organizers (who are actual physicians, as opposed to the hand-wringing state officials who issued the edicts) say the orders are "unfortunate" given that a main focus of the meeting was Ebola.
OCT 31 Given the things Bobby Jindal has said and done since he's been governor, it's a pretty safe bet he thinks we're a bunch of dummies. Apparently, he's sure President Obama is one, too. This story on Huff Post quotes Jindal as saying the president - a graduate of Harvard Law - should sue to get his money back. (What should a Brown biology grad who doesn't believe in evolution do?)
OCT 31 Us old folks are used to a two-party system, although most of us aren't sold on its success. But what if that system wasn't in place; what if politics reflected the true level of diversity among voters? That's what an LSU student is dreaming of in this editorial. He sees the two parties' control of our politics as limiting.
OCT 31 And you thought the Senate race was dirty. This post on the Forward Now blog tells the story of a Shreveport mayoral campaign worker who was paid to "infiltrate" and "sabotage" an opponent's campaign. Karma's a beeotch, though, because turns out the guy really liked the "enemy," and now he's supporting her. For real.
OCT 30 The National Journal offers this analysis of Bobby Jindal's willingness to stump in any Senate campaign that's not in Louisiana. Why is that? The Journal asks some GOPers and finds that the answer is one we already know: he's so unpopular here, because he's been so busy running for President, that his support might be "toxic."
OCT 30 Blogger Tom Aswell is still all over the OGB mess - and all by himself, apparently. In this post, he's revealing orders from the Jindal administration to destroy records from the state employee health insurance plan. Those orders (he's heard) have angered the Secretary of State and caused an administration lawyer to quit her job. Wow!
OCT 30 A NOLA lady has alleged she was drugged and raped at a Bywater club that had a clothing-optional policy until recently, and she's now become the victim of a smear campaign, columnist Jarvis DeBerry writes in this post. She chose to reveal her story and her name, and she's being punished for that now, he says.
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