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Started By
Message
Whitney Sold to Hancock
Posted on 12/22/10 at 7:43 am
Posted on 12/22/10 at 7:43 am
3
Posted on 12/22/10 at 7:49 am to kingfish25
Wow! I'm a bit surprised who the purchaser is. I always thought it would be a bigger player.
A long-time New Orleans tradition ends.....
A long-time New Orleans tradition ends.....
Posted on 12/22/10 at 7:57 am to LSURussian
yea i was thinking iberia or possibly gulf coast bank. Hancock caught me off guard.
Posted on 12/22/10 at 8:01 am to kingfish25
I was thinking Bank of America or Chase.
Chase already has a N.O. presence and the synergies and resulting cost savings would make sense, especially with Whitney's commercial market share.
B of A needs a New Orleans presence.
Does Hancock already have branches in New Orleans? I don't recall that they do.
Chase already has a N.O. presence and the synergies and resulting cost savings would make sense, especially with Whitney's commercial market share.
B of A needs a New Orleans presence.
Does Hancock already have branches in New Orleans? I don't recall that they do.
Posted on 12/22/10 at 8:06 am to LSURussian
i'm not sure, i know they have some in BR. They have steadily been getting rid of all their bad debt (florida banks), saw this coming a mile away.
I'm kind of new to investing and have a basic question.
if i were to buy whitney stock today i will basically be buying hancock stock right?
I'm kind of new to investing and have a basic question.
if i were to buy whitney stock today i will basically be buying hancock stock right?
Posted on 12/22/10 at 8:07 am to kingfish25
MAN
I am all for capitalism and all, but I was always pleased to see Whitney hold strong and not sell out to one of the bigs
I am all for capitalism and all, but I was always pleased to see Whitney hold strong and not sell out to one of the bigs
Posted on 12/22/10 at 8:09 am to kingfish25
quote:Yes. For each share of Whitney you'd buy, you'd really be buying about .4 shares of Hancock.
if i were to buy whitney stock today i will basically be buying hancock stock right?
Yesterday was THE day to buy Whitney stock, or THE day to short Hancock stock.....
Posted on 12/22/10 at 8:12 am to LSURussian
DAMN!
What news agencies has this reported as a possibility in the last week?
What news agencies has this reported as a possibility in the last week?
Posted on 12/22/10 at 8:15 am to Shankopotomus
quote:I just got home from Ukraine late last night after being there for three weeks so I've been a bit out of touch.
What news agencies has this reported as a possibility in the last week?
Are you saying this was reported as a possibility recently?
If it was, I missed it.
Posted on 12/22/10 at 8:16 am to LSURussian
no, I am saying I had no idea and I am sad 
But I didnt see it reported on any of the typical news outlets (nola.com and the like) so I was wondering where one could go to find out this kind of juicy merger information before the main media outlets get to it
But I didnt see it reported on any of the typical news outlets (nola.com and the like) so I was wondering where one could go to find out this kind of juicy merger information before the main media outlets get to it
Posted on 12/22/10 at 8:21 am to Shankopotomus
quote:Well, if you share JT's values, you could always go after insider information and trade on it without a problem.
so I was wondering where one could go to find out this kind of juicy merger information before the main media outlets get to it
When I was involved with some bank mergers back when I was a "real" banker, we had to sign confidentiality agreements at the start of negotiations so that we could be held legally accountable for any "insider" leaks.
A leak which might move the market price of either bank could be a reason the regulators might deny their approval for a merger. It could get the whole deal killed.
Posted on 12/22/10 at 8:40 am to LSURussian
word.
but i KNOW there is a blog or page somewhere on the internet that may have had this pegged before the initial announcement, wikileaks style if necessary
but i KNOW there is a blog or page somewhere on the internet that may have had this pegged before the initial announcement, wikileaks style if necessary
Posted on 12/22/10 at 9:22 am to Shankopotomus
quote:You're probably correct about that. Thankfully no serious investors put a lot of faith in speculation contained in blogs......unless it involves gold or MVIS.
but i KNOW there is a blog or page somewhere on the internet that may have had this pegged before the initial announcement, wikileaks style if necessary
Posted on 12/22/10 at 9:36 am to LSURussian
Hancock only has about 5 or 6 branches on the southshore.
Posted on 12/22/10 at 9:42 am to LSURussian
I was surprised by the buyer (and I think they overpaid) but I think its better for the area that it's a local thing, so hopefully we don't lose any/many jobs.
Posted on 12/22/10 at 9:47 am to kfizzle85
quote:Top management in the main office will be eliminated, of course. They don't need two CEO's, two CFO's, two heads of credit, etc. So the number of people axed might be small, but the big salaries will have to go.
so hopefully we don't lose any/many jobs.
But if the other poster is correct and Hancock only has a few branches in N.O., then the bank's branch personnel are pretty safe.
Posted on 12/22/10 at 9:52 am to LSURussian
FWIW, Whitney will keep its name in its LA and TX branches.
Only Hancock branch in NOLA city limits is in the CBD.
Only Hancock branch in NOLA city limits is in the CBD.
Posted on 12/22/10 at 10:02 am to TigerTree
quote:I bet it won't.
Whitney will keep its name in its LA and TX branches.
Maybe temporarily, but not for long.
There is too much regulatory paperwork for that to happen permanently, not to mention the costs associated with it.
Posted on 12/22/10 at 10:04 am to kingfish25
frick man,i go from whitney to fricking hancock and nobody asks me about my opinion!?
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