GULFPORT, Miss., Nov. 13, 2008 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) -- consistently ranked as one of the nation's strongest, safest financial institutions -- will decline the U.S. Treasury Department's invitation for funding through the Capital Purchase Program, a component of the government's Troubled Asset Relief Program (TARP).
"After very thorough evaluation and analysis, Hancock's board of directors and senior management have concluded that declining government funding safeguards the best interests of our shareholders and the company. Hancock remains an extremely sound, well-capitalized institution as evidenced by our time-honored corporate values, conservative business model, and proactive risk management practices for ensuring Hancock maintains adequate capital to fund loan growth and consider potential expansion opportunities," said Hancock Holding Company Chief Executive Officer Carl J. Chaney.
Hancock remains extremely well-capitalized as of September 30, 2008, with a total risked-based capital ratio of 11.90 percent. Hancock's decision coincides with a recent BauerFinancial, Inc., rating that endorses the 110-year-old Gulf South financial services leader as one of America's most financially sound banks for the 76th consecutive quarter.
With approximately $6.74 billion in assets, Gulf South based Hancock Holding Company is the parent company of Hancock Bank (Mississippi), Hancock Bank of Louisiana, Hancock Bank of Florida, and Hancock Bank of Alabama. Founded in 1899, Hancock Bank operates 164 banking and financial services offices and 136 ATMs along a 600-mile I-10 corridor spanning west central Louisiana to north Florida. Bank subsidiaries include Hancock Investments Services, Inc., Hancock Insurance Agency, and Harrison Finance Company.
Additional information about Hancock Holding Company, Hancock Bank, and subsidiaries is available at www.hancockbank.com.
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"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an effort to encourage corporations to provide information about companies' anticipated future financial performance. This act provides a safe harbor for such disclosure, which protects the companies from unwarranted litigation if actual results are different from management expectations. This release contains forward-looking statements and reflects management's current views and estimates of future economic circumstances, industry conditions, Company performance, and financial results. These forward-looking statements are subject to a number of factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectations expressed in such forward-looking statements.