Whitney Bank bought by Hancock (1 Viewer)

Mr. Sparkle

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Pretty shocking. The death of a major New Orleans institution.

http://www.bloomberg.com/news/2010-...5-billion-to-expand-banking-in-u-s-south.html

Hancock Holding Co. agreed to buy Whitney Holding Corp., the New Orleans-based lender to the oil and gas industries, for $1.5 billion to expand in the U.S. South.

The stock swap values Whitney at $15.48 a share, 42 percent more than yesterday’s closing price of $10.87, Gulfport, Mississippi-based Hancock said today in a statement distributed by Globe Newswire. Investors will get 0.418 Hancock share for each Whitney share.

Hancock is expanding in states including Louisiana, Mississippi and Texas after bailed-out Whitney sold nonperforming loans and was hurt by the Gulf Oil spill. The combined institution will have about $20 billion in assets and 305 branches. Five Whitney directors will join the Hancock board at the completion of the purchase, which is expected in the second quarter of 2011.
 
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The trifecta is now complete. Sad Mr. Bingle is very sad. :(

Nash and the Whitney in the same week. Unimaginable.
 
Guess it's time to shop my banking business.


I hope I can keep my Saints debit cards for a while.
 
At least it was a Gulf South bank that bought them out and not Wells Fargo.
 
wow. did not see that coming.

I think the only New Orleans institution left may be Fidelity Homestead, right? First NBC, Hibernia, Whitney.

Gosh and I didnt realize Whitney had beed the oldest banking institution in LA. (1883)
 
I can understand everyone's sentiment to an extent. But don't we want national investment and involvement? Perhaps this is different because it directly involves our money. But it seems that we clamor for national investment in the area, then we're upset when we get it. I thought the same thing when Hibernia was bought out.
 
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The trifecta is now complete. Sad Mr. Bingle is very sad. :(

Nash and the Whitney in the same week. Unimaginable.

You forgot to add this for the quinella....

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Damn, and I just got my Saints Whitney debit card......:rant:

Will they keep the Whitney name.....?
 
Wow! I worked when it was Parish National Bank and then Whitney bought them out for about 165 million. The transition was hard enough on all those people and a lot of people lot their jobs. There's a lot of older workers there that do not like change. I do remember, however, the rumors were Hancock was buying Parish but that the deal fell through and the next day we all found out it was Whitney. I really don't want to keep my money there if things keep changing. I just have so many boxes of checks to go through. I hope they don't start eliminating jobs.
 
Man, I've been banking with them for years....who's left locally?


This sucks. My Whitney card had the best APR of all my cards.
 
I do business with both Hancock and Whitney, pretty good banks in my opinion. I find Whitney to be better for my business and Hancock for personal, but I have used both banks for business and personal matters.
 
Wow! I worked when it was Parish National Bank and then Whitney bought them out for about 165 million. The transition was hard enough on all those people and a lot of people lot their jobs. There's a lot of older workers there that do not like change. I do remember, however, the rumors were Hancock was buying Parish but that the deal fell through and the next day we all found out it was Whitney. I really don't want to keep my money there if things keep changing. I just have so many boxes of checks to go through. I hope they don't start eliminating jobs.

Blossman = Blossman. :mwink:
 

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