NEW ORLEANS, Oct. 27, 2009 (GLOBE NEWSWIRE) -- Whitney Holding Corporation (Nasdaq:WTNY) (the "Company") today announced it has completed its previously announced $200 million underwritten public offering of 25 million shares of the Company's common stock at a public offering price of $8.00 per share. The underwriters also exercised in full their overallotment option to purchase an additional 3.75 million shares from the Company, resulting in a total offering of $230 million.
"We believe the success of this public offering is a strong indication of the market's confidence in Whitney," said John C. Hope, III, Chairman and CEO.
The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $217.9 million. The net proceeds will qualify as Tier 1 capital and will be used for working capital and general corporate purposes which may include capital to support organic growth, to eventually redeem the Company's preferred stock and warrant issued to the U.S. Department of Treasury pursuant to the Capital Purchase Program, and to facilitate future acquisition opportunities.
J.P. Morgan Securities Inc. and SunTrust Robinson Humphrey, Inc. served as joint book-running managers for the offering. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. served as co-managers.
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the Tampa Bay metropolitan area of Florida.
The Whitney Holding Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5777
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and we intend such forward-looking statements to be covered by the safe harbor provisions therein and are including this statement for purposes of invoking these safe-harbor provisions. Forward-looking statements provide projections of results of operations or of financial condition or state other forward-looking information, such as expectations about future conditions and descriptions of plans and strategies for the future. The forward-looking statements made in this release include, but may not be limited to, expectations regarding use of proceeds from the common stock offering. Whitney's ability to accurately project results or predict the effects of future plans or strategies is inherently limited. Although Whitney believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from those expressed in Whitney's forward-looking statements include, but are not limited to, those risk factors outlined in Whitney's public filings with the Securities and Exchange Commission, which are available at the SEC's internet site (http://www.sec.gov).
You are cautioned not to place undue reliance on these forward-looking statements. Whitney does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.
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