Whitney Bank bought by Hancock (1 Viewer)

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Brennan77 said:
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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I think we New Orleanians enjoy our sense of "protectionism" to a degree. Walking into Whitney on St. Charles is not the same as walking into Captial One. Whitney did a great job of staying in the present but evoking the past. Lots of generations at Whitney bank that dealt with bankers on a personal level. Kids went to school together. They dined at the same establishments. Relationships were cultivated and grown over decades.

I vivdly remember my relations at First NBC. At 19 I was granted a loan ( albeit $2200 ) that no other bank would offer me since I had no established credit. It was granted soley on the fact that my parents and I had banked thier since the early 70s late 80s, repectively. Thats home-cookin. Thats what may be missing to an extent now ( or folks are fearful of missing )

I am now with Regions. I have a banker who came here from Birmingham. Not the same. My overall experience has been solid with them, but I did enjoy the small talk with folks who recognized me and grew in the same community as I did. Miss that part of it.
 
Here is the press release from their buyout last December of People Choice in Florida.
http://www.hancockbank.com/home/news_press/PFCB_Acquisition.asp

BTW, most of Hancock's execs are from LA and used to work for 1st Commerce. Many Whitney guys worked for 1st Commerce. That's probably how these talks got started. They had that familiarity of eachother. Many HB guys live on the north shore and commute to Gulfport.

Also, the Whitney name will continue to be used in LA and TX.
 
hrussell said:
Well Gary Blossman no longer works at Whitney
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Gary took over at First Bank & Trust several months after Parish was bought by Whitney.

Whitney has a board member A.R. Blossman. ( the dad ) A. R. Blossman, Jr.

Director Whitney Holding Corporation and Whitney National Bank
Mr. Blossman served as Chairman of the Board of Parish National Bank from 1968 and as a Director of Parish National Corporation from 2004 until Parish merged with Whitney Holding Corporation on November 7, 2008. Mr. Blossman is a partner in Corporate Plaza Partnership, manager of ARB Aviation, L. L. C. and is part owner of Abita Brewing Company.

Im not calling shenanigans...just pointing out the familial ties
 
When I was a kid there was a saying about the Whitney Bank; they would only loan you money if you didn't need it. They were a very conservative bank. I'm surprised they needed to be bailed out. They survived the Great Depression, I think.
 
One certain winner should the deal go through is the U.S. taxpayer. As part of the deal Hancock will repay the U.S. Treasury's $300 million loan to Whitney, made two years ago at the depth of the financial meltdown.
There are signs of the same dynamics playing out early Wednesday. Hancock dropped 6%, while Whitney surged 29% -- but to just $14 and change, leaving it more than half a buck short of the implied takeover price and suggesting there's some doubt the deal will go through.
http://finance.fortune.cnn.com/2010/12/22/gulf-bank-merger-gets-soggy-reception/?source=yahoo_quote
 
Rigrodsky & Long, P.A. Investigates Whitney Holding Corporation BuyoutRigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Whitney Holding Corporation (“Whitney” or the “Company”) (Nasdaq: WTNY) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Hancock Holding Company (Nasdaq: HBHC) (“Hancock”) in a stock-for-stock transaction
http://www.rigrodskylong.com/news/WhitneyHoldingCorporation-WTNY


interesting
 
Hancock is a fabulously well run bank though. They did some smart old school lending and it's paid off well for them.
The casino boom was big.
Katrina didn't hurt either. Lots of insurance checks got deposited with them.

Whitney is a shell of it's former self. Whitney ran off a lot of talent years ago and much of it landed at Iberia Bank.

Iberia Bank is the place to be.
 
champ76 said:
When I was a kid there was a saying about the Whitney Bank; they would only loan you money if you didn't need it. They were a very conservative bank. I'm surprised they needed to be bailed out. They survived the Great Depression, I think.
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They survived the Depression, 2 world wars, the 80s oil bust, and Katrina. But they overextended in acquiring Florida banks that turned out to be holding heaps of garbage real estate loans.
 
From the silver lining department, the new, substantially larger bank will be headquartered in New Orleans, and the bank will keep the Whitney "brand" alive in Louisiana. Whitney shareholders are getting a fat premium out of the deal. This isn't exactly a death blow to the area. U.S. taxpayers are getting their "bailout" money back.

To the extent that Florida real estate brought the Whitney down, I will just blame dtradin :mad:
 
mb504 said:
blahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblah, I will just blame dtradin :mad:
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:9:
 
Brown said:
Hancock is a fabulously well run bank though. They did some smart old school lending and it's paid off well for them.
The casino boom was big.
Katrina didn't hurt either. Lots of insurance checks got deposited with them.

Whitney is a shell of it's former self. Whitney ran off a lot of talent years ago and much of it landed at Iberia Bank.

Iberia Bank is the place to be.
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Iberia tried a hostile takeover of Whitney. The folks at Whitney weren't too fond of that so they approached Hancock with a friendly takeover.
 
hancockpubg.jpg
 

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