Hancock, Whitney report smooth sailing with merger

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Hancock Holding Company shook the world of banking in June 2011 when it announced that it had finished its acquisition of Whitney Holding Corporation – a merger that would join two of the South’s largest and most well-known banks.


With the merger now fully complete, Hancock reports things are flowing smoothly within the newly created entity.

“This milestone in the rich histories of two, well-established Gulf South banks begins a new era of opportunity for the company, our Hancock and Whitney customers, and the communities we serve,” Hancock Holding Company President and CEO Carl J. Chaney said. “The merger of Whitney into Hancock joins two longtime neighbors committed for more than a century to values of strength, stability, integrity and service.”


The $1.5 billion stock deal has created a sort-of banking “super power” within the Southeast, as both banks have more than 100 years in service.


More than a year after the merger’s completion, things appear to be smooth sailing for the new entity, which together holds nearly $20 billion in assets and nearly 300 full-service branch locations.

Hancock released its first quarter 2012 financial results in April 26 and reported a $69.2 million pre-provision profit.


Net income for the bank was reported at $18.5 million.


Both of those numbers are off the company’s first quarter marks from 2011.

But Chaney said a small dip was forecasted as the intricacies of the merger took hold.


“With the conversion behind us and the fundamentals of the combined company still strong, we are completely focused on achieving the remaining merger efficiencies and growing these two, well-known Gulf South brands,” Chaney said. “While the first quarter’s results are down from last quarter, they are basically in line with our expectations and, for the most part, reflect the typical beginning of the year seasonality for both balance sheet and operating expense.”


Chaney’s sentiments seem to hold more weight when one looks at the opinions of others. Independent bank rating firm BauerFinancial, Inc., has placed Hancock among the safest banks in America for 89-consecutive quarters.

Likewise, Forbes has consistently placed Hancock among the Top 25 banks in America, regardless of size. Forbes has also listed Hancock as one of America’s 100 Most Trustworthy Companies.”

The reason for the merger, according to Chaney is to provide stability to the Southern economy during the nation’s unsteady financial times.

The banks together will serve five states (Texas, Louisiana, Mississippi, Alabama and Florida) and will be better equipped to promote business creation and expansion throughout the Gulf South.

“We believe the complementary strengths of Hancock and Whitney create a superior, dynamic financial institution with experienced local leadership and talented associated who are ready to serve our valued customers and communities throughout our business footprint, which spans from Houston, Texas, to Tampa, Florida,” Chaney said.

For the average customer wondering how the merger will affect their day-to-day life, the effects will be minimal.

The merger has plans to convert Hancock and Whitney branches into a single operating system – a process that is currently under way. Until that happens, both Whitney and Hancock customers are advised to continue business as usual.

Customers of both banks can use ATMs of either entity free of charge.

“It’s business as usual at all Hancock and Whitney branches, with the immediate benefit of access to nearly 400 ATMs across five states for customers of both banks,” Chaney said.

Hancock also set up a web site for anyone wishing to learn more about the merger’s details.

Those wishing to seek more information can visit www.OneStrongFuture.com.

That website has state-by-state merger updates, as well as ATM locations for those trying to find either Hancock or Whitney branches.