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Started By
Message
re: Whitney Sold to Hancock
Posted on 12/22/10 at 3:13 pm to LSURussian
Posted on 12/22/10 at 3:13 pm to LSURussian
they did not... lots of redundancy on the operation side which will ultimately cost jobs
0
Posted on 12/22/10 at 3:17 pm to LSURussian
nope... Whitney has 168 branches. Hancock is in the 150 range
Posted on 12/22/10 at 3:26 pm to The Don
per Business Report:
LINK
quote:
Hancock Holding Company CEO Carl Chaney says all of its Louisiana banks will be re-branded as Whitney National branches once its purchase of Whitney is completed in the second quarter of 2011. "The Whitney name is extremely powerful across Louisiana, especially in the New Orleans and Baton Rouge areas, and so it just makes perfect sense to continue to enhance that value," says Chaney
LINK
Posted on 12/22/10 at 4:48 pm to TigerTree
I hope they keep it, I like my Whitney swag.
Posted on 12/22/10 at 5:19 pm to LSURussian
This doesn't really come as a surprise to me. When I heard Chaney speak a few months back, he very much gave the impression that HBHC was looking to expand. Doing such into NO certainly makes sense.
Posted on 12/22/10 at 5:42 pm to The Don
quote:Ok, then I guess Hancock's profile is incorrect on the Yahoo finance page. It says Hancock has 185 branches and the link in the OP of this thread says Whitney has 150 branches, including all of those in Florida. If you subtract those, Whitney has less than 100 branches.
Hancock is in the 150 range
Posted on 12/22/10 at 5:45 pm to TigerTree
quote:
The Whitney name is extremely powerful across Louisiana, especially in the New Orleans and Baton Rouge areas,
Raise your hand if you know anyone in Baton Rouge who has an account with Whitney. I don't see any hands raised....
Seriously, Whitney is non-existent in the Baton Rouge market. I only know of two locations in the Baton Rouge market and one of them is almost inaccessible downtown.
Posted on 12/22/10 at 6:02 pm to LSURussian
Did Whitney run over your dog or something?
Anyway if they're moving Hancock's HQ to New Orleans - which strikes me as an odd way to go about an acquisition, as opposed to a merger of equals, which is what this seems more like - it's hard for me to get upset about this.
Anyway if they're moving Hancock's HQ to New Orleans - which strikes me as an odd way to go about an acquisition, as opposed to a merger of equals, which is what this seems more like - it's hard for me to get upset about this.
Posted on 12/22/10 at 6:12 pm to Cold Cous Cous
quote:I don't have a dog. He barked at me so I shot him.....
Did Whitney run over your dog or something?
quote:Is that in the news release? I only read part of it and it exceeded my attention span, which, with my jet lag, is pretty short today.
Anyway if they're moving Hancock's HQ to New Orleans
quote:I once said anytime I heard that phrase to describe a merger I was going to short both stocks. Is it being called that? :rubbinghandstogethergreedily:
a merger of equals,
Posted on 12/22/10 at 9:51 pm to LSURussian
quote:
Is it being called that?
We are being told that it was not a merger. Hancock took over Whitney. Iberia was a major player, from what I understand, but Whitney did not want to do business with them.
I'm not sure how difficult it would be for Hancock to keep two separate brands under the same holding company, but would the fact that Hancock has separate charters for each state bank help that?
Posted on 12/23/10 at 12:16 am to LSURussian
Hancock and Whitney have roughly the same amount of branches, but Whitney has more in Louisiana and Hancock has more in Mississippi/Florida.
It wasn't stated in the release the headquarters is moving to New Orleans, but the Whitney CEO said in an interview that I saw on Channel 9 in Baton Rouge that the "new bank's" headquarters would be in New Orleans. I can only assume that means the Louisiana "Whitney" headquarters because there is less than a 0% chance Hancock Holding Co. is moving its headquarters from the Gulfport building that was completely renovated after Katrina.
It wasn't stated in the release the headquarters is moving to New Orleans, but the Whitney CEO said in an interview that I saw on Channel 9 in Baton Rouge that the "new bank's" headquarters would be in New Orleans. I can only assume that means the Louisiana "Whitney" headquarters because there is less than a 0% chance Hancock Holding Co. is moving its headquarters from the Gulfport building that was completely renovated after Katrina.
Posted on 12/23/10 at 3:33 am to MOT
quote:
Hancock Holding Co., the parent company of Mississippi-based Hancock Bank, is buying New Orleans-based Whitney Holding Corporation in a $1.5 billion stock deal that will be completed in the second quarter of next year.
The combined company will be headquartered in New Orleans and led by a combination of Whitney and Hancock Bankers, according to Whitney President John M. Turner Jr.
LINK
New Orleans>>>>>>>>>>>>>>>Gulfport
for a major bank.
Posted on 12/23/10 at 6:43 am to NIH
quote:Agreed.
New Orleans>>>>>>>>>>>>>>>Gulfport
for a major bank.
If they decide to put the Whitney brand on all of their branches system wide, that would be a smart move.
Maintaining two brands basically within the same media market would NOT be a smart move.
Has anyone read or heard what will happen to the redundant CEO?
Posted on 12/23/10 at 8:24 am to LSURussian
The Whitney Brand is really strong in NOLA, Hancock wanted that and is moving its operations to NOLA. The Whitney Brand was suffering outside of LA, now Hancock will take over that.
It sounds alot like a merger of equals, but at the end of the day, only one stock with one holding company....Hancock.
It sounds alot like a merger of equals, but at the end of the day, only one stock with one holding company....Hancock.
Posted on 12/23/10 at 9:34 am to LSURussian
Well thats good, I am glad to see New Orleans wont be losing that nice bank downtown....hell thats a pretty sweet piece of real estate Hancock is getting their hands on anyway
Posted on 12/23/10 at 9:41 am to LSURussian
quote:
Has anyone read or heard what will happen to the redundant CEO?
He'll probably steal an entry level job from me in the next few months.
Posted on 12/23/10 at 9:52 am to TopWaterTiger
I wonder if Whitney selling off that huge bag of crappy mortgages they were holding in Florida had anything to do with this deal....
Posted on 12/23/10 at 12:26 pm to Shankopotomus
I've heard that regulators were encouraging Whitney to find a buyer. It is surprising to me that Whitney as a nationally charteresd bank was bought by a bank holding company that is only state chartered. And Hancock will surrender the national charter and continue to operate under state charters.
I guess it is easier to operate solely under FDIC regulation under stqte charters than multiple agencies under a national charter.
I guess it is easier to operate solely under FDIC regulation under stqte charters than multiple agencies under a national charter.
Posted on 12/23/10 at 1:57 pm to Poodlebrain
quote:
regulators
and by regulators, you must mean Fannie Mae
Posted on 12/23/10 at 1:59 pm to TopWaterTiger
Chaney (CEO of Hancock) is still talking like operations will be out of South Mississippi.
Former CEO family holds the mayorship in Gulfport; I would be very surprised if they bailed.
Former CEO family holds the mayorship in Gulfport; I would be very surprised if they bailed.
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