Whitney gets new look, name

Published 3:52 pm Friday, February 10, 2012

On March 16, community members will no longer see the Whitney Bank sign on the street corner in downtown Greenville.

Back in December of 2010, Hancock Holding Company, the parent company of the 112-year-old Hancock Bank, merged with Whitney Holding Company.

Mississippi, Alabama and Florida’s Whitney Banks will all turn into Hancock Banks while in Louisiana and Texas, Whitney Banks will remain Whitney Banks, according to Sara Mosley, a teller at Greenville’s Whitney Bank.

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“Under the terms of the agreement, subject to shareholder and regulatory approval and other customary conditions, shareholders of Whitney Holding Company will receive 0.418 shares of Hancock Holding Company common stock in exchange for each share of Whitney common stock,” a press release from Hancock Bank said. “The value of a Whitney share would be $15.48 based on Hancock’s closing price on December 21, 2010 of $37.04, a premium of 42 percent to Whitney’s closing price of $10.87 on the same date.”

Mosley said customers really won’t see too much of a difference except for extended hours and the granting of more loans.

“We’re also loaning more money since we’re a bigger bank now,” Mosley said. “We’re more apt to loan to people that may have been declined by Whitney.”

According to the press release, upon the completion of the transactions, the combined company will have about $20 billion in total assets, $16 billion in deposits, $12 billion in loans, 305 branches, 390 ATMs and almost 5,000 employees across the five states.