GULFPORT, Miss., Oct. 30, 2014 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced the signing of a purchase agreement under which Community Trust Bank in Ruston, Louisiana, has agreed to acquire four of the company's Whitney Bank retail locations in Houston, Texas. The company is also announcing plans to open two new business financial centers, or "BFCs," in the Houston area in the coming months — one in the Museum District/Medical Center area and the other in the Energy Corridor. These BFCs, along with future locations, will reflect the concierge business banking format of the company's first Houston BFC opened in the Woodlands in August 2014.
"This past year, we aligned our business model and leadership with the various opportunities in our markets, adopting business-focused strategies in several of the markets across our franchise, including Houston," said Carl J. Chaney, President and CEO. "Part of executing that strategy involves replacing some of our traditional retail banking locations with BFCs. Today's announcement helps our company balance where we do business with opportunities to redirect capital toward initiatives that grow our franchise and build greater corporate value."
As part of the branch acquisition, Community Trust Bank expects to acquire approximately $15 million in loans and to assume approximately $135 million in deposits. The branch locations to be sold are
12600 Memorial Drive, Houston, TX
6767 FM 1960 West, Houston, TX
5115 Main Street, Houston, TX
8002 Kirby Drive, Houston, TX
"Houston is a growth market for Whitney Bank," said Donovan C. Broussard, Whitney Bank regional president for the Texas market. "We are continuing to make significant investments in the market to serve our clients more efficiently and effectively. Recently we expanded our efforts in commercial and industrial (C&I) middle market lending with the hiring of a group of experienced professionals. This addition, coupled with the opening of new BFCs, will enhance our overall presence in the market."
The sale of these branches, which is subject to regulatory approvals and certain closing conditions, is expected to be completed in the first quarter of 2015.
About Hancock Holding Company
Hancock Holding Company is a financial services company with regional business headquarters and locations throughout a growing Gulf South corridor. The company's banking subsidiary provides a comprehensive network of full-service financial choices through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank offices in Louisiana and Texas, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; mortgage services; and consumer financing. More information and online banking are available at www.hancockbank.com and www.whitneybank.com.
Forward-Looking Statements
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