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re: Whitney Sold to Hancock
Posted on 12/22/10 at 11:34 am to Shankopotomus
Posted on 12/22/10 at 11:34 am to Shankopotomus
quote:Yep.
You mean like Hibernia = Capital One?
All I heard from my Hibernia friends when they were bought was they were going to keep the Hibernia name because no one had ever heard of Capital One Bank in New Orleans. Of course, no one had ever heard of Capital One Bank ANYWHERE since Hibernia was that institution's first commercial bank acquisition. Previously, Cap One was exclusively a credit card bank.
I tried to tell them but they insisted they knew what they were talking about.
2
Posted on 12/22/10 at 11:40 am to LSURussian
Yeah that was my first thought. They'll keep it around for 2 or 3 years until people get comfortable with it and then phase most of it out. Maybe they'll leave something around at the HQ in the CBD, but the press release said something about being "fully integrated" by 2013. So I'm going to pin that as the general timeframe for the changeover.
Posted on 12/22/10 at 11:44 am to Shankopotomus
Fwiw, just to make sure we're on the same page Russian....the way this has been presented to us is not only will current Whitney branches keep their name, current Hancock branches (in La only) will also change their signs to Whitney. This raises some questions for me personally, so I hope you are right, but it already sounds like Hancock will be spending money to convert its current La branches to the Whitney brand.
Eta: I'm involved on the other side of this, not the Whitney side.
Eta: I'm involved on the other side of this, not the Whitney side.
This post was edited on 12/22/10 at 11:54 am
Posted on 12/22/10 at 11:48 am to kingfish25
About two years ago Whitney started giving us the run a round with a few lines of credit our company had with them. I called for a meeting with them to see what the problem was. To make a long story short,they thought we were to much of a risk,and canceled all credit lines. These credit lines had been in place for years with parish national bank. I closed all my accounts and payed of two loans with them,forty thousand each and never looked back. I know they technically did not go out of business,but two years later we are still in business. 
Posted on 12/22/10 at 11:53 am to MOT
quote:If that's true then Hancock Bank has to be stupidest Mississippians since Ross Barnett.....
but it already sounds like Hancock will be spending money to convert its current La branches to the Whitney brand.
Posted on 12/22/10 at 12:01 pm to Shankopotomus
quote:I might think about switching banks to one that would have better rates. Whitney's history was one reason to stick with it...
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 12:09 pm to LSURussian
Hancock avoided the New Orleans market for years. However, the time and prices were right for entering it with the purchase of Whitney. Those in the know expected Whitney to be sold when they realized the management brought in from Alabama cared nothing about Whitney's traditions.
Posted on 12/22/10 at 12:26 pm to Tiger4
quote:You have a bank account?!?!?
I might think about switching banks to one that would have better rates.
Posted on 12/22/10 at 12:44 pm to LSURussian
On a completely different topic (I just don't want to start a new thread), the timing of this is nuts to me. I mean you always hear about market volume/activity slowing down in the summer/holidays, but until you actually start working you don't realize how real that is. Some poor bastards we're working hard this week, half of my office has been out since Monday.
Posted on 12/22/10 at 12:47 pm to LSURussian
Wrong... Was on the conf call with CEOs from both companies and They will keep the branding of whitney permanent in TX and LA
Posted on 12/22/10 at 12:53 pm to The Don
Oh well then that seals it. Those guys never go back on their word/lie.
Posted on 12/22/10 at 1:06 pm to The Don
quote:Did they also tell everyone, "No one's job will be affected by the merger?"
Was on the conf call with CEOs from both companies and They will keep the branding of whitney permanent in TX and LA
Posted on 12/22/10 at 1:56 pm to LSURussian
I can understand keeping Whitney employee minds at ease, but they communicated the branding issue to Hancock employees this morning as well. I don't know why they would do that unless they plan on going through with it.
Posted on 12/22/10 at 2:03 pm to MOT
I mean I know people that work at both banks...it would look pretty bad if you were telling one set of employees one thing and another one the other. shite two of the people on the board of teh NFP I am on are bankers for Whitney and Hancock respectively. I promise you they've already talked about it today.
Posted on 12/22/10 at 2:08 pm to MOT
quote:I'm not saying they didn't say that. I'm just saying it will be temporary once they see how much it costs them to maintain two "brands." They won't be that stupid. The costs of maintaining two brands would be enormous for a relatively small bank like Hancock. The transition will be gradual, like "Whitney Bank, a division of Hancock Holding Company" or something to that effect. Gradually, "Whitney" will go away.
I don't know why they would do that unless they plan on going through with it.
This is especially true when you consider that Hancock is a state chartered bank and Whitney has a national charter.
Posted on 12/22/10 at 2:15 pm to kfizzle85
I see what you're saying, I just think if it was an issue for Whitney people they just would have said Whitney branches will keep their name (and then change it later or whatever). But to go as far as telling us we're now going to be operating under the Whitney name doesn't make much sense unless they're going to do it. I also know a few people that used to work for us and now work for Whitney, and one of them wasn't even aware of the name deal until I told them.
Posted on 12/22/10 at 2:17 pm to MOT
What would prevent them from pulling an AT&T and changing Hancock to use the Whitney name?
Posted on 12/22/10 at 2:23 pm to LurkerIndeed
quote:Probably 10 to 20 million dollars in expense to change the signs on a couple of hundred existing branches.
What would prevent them from pulling an AT&T and changing Hancock to use the Whitney name?
Posted on 12/22/10 at 2:32 pm to LSURussian
As opposed to switching the Whitney signs?
Although I didn't realize Hancock had that many branches.
Although I didn't realize Hancock had that many branches.
Posted on 12/22/10 at 2:37 pm to LurkerIndeed
quote:Yes. Whitney has about half the number of branches Hancock has.
As opposed to switching the Whitney signs?
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