Hancock Whitney to Sell Its Consumer Finance Company
22 Febrero 2018 - 4:00PM
Hancock Holding Company (Nasdaq:HBHC) today announced that its
banking subsidiary, Whitney Bank (“Hancock Whitney”), has signed an
agreement to sell its consumer finance company (“Harrison Finance”)
to First Tower Finance Company, LLC. Financial terms of the
transaction were not disclosed.
“Harrison Finance, which was started in 1984, had
been a part of the company’s business plan when Hancock operated
under a different set of strategic goals”, said John M. Hairston,
President and CEO. “Today, as our company continues to grow and
change, and as we execute on our updated strategic plans, the
decision was made to sell the consumer finance company.”
Harrison Finance operates 35 offices located across
Louisiana, Mississippi, Alabama and Florida. The finance company
had 137 employees and approximately $95 million of loans at
year-end 2017. The impact of this transaction is not included in
the near or long-term guidance provided with Hancock’s fourth
quarter 2017 earnings.
The transaction is expected to close within 90
days, subject to receipt of regulatory approvals and the
satisfaction of other customary closing conditions. Sandler O’Neill
+ Partners, L.P. is serving as financial advisor to Hancock Whitney
and Wachtell, Lipton, Rosen & Katz is serving as legal
advisor. About Hancock
Holding CompanyHancock Holding Company is a financial
services company with regional business headquarters and locations
across the Gulf South. The company’s banking subsidiary provides
comprehensive financial products and services through Hancock Bank
locations in Mississippi, Alabama, and Florida and Whitney Bank
locations in Louisiana and Texas, including traditional, online,
and mobile banking; commercial and small business banking; private
banking; trust and investment services; certain insurance services;
and mortgage services. The company also operates a loan production
office in Nashville, Tennessee. More information is available at
www.hancockwhitney.com.
Important Cautionary Statement About Forward-Looking
StatementsThis news release contains forward-looking
statements within the meaning of, and subject to the protections
of, section 27A of the Securities Act of 1933, as amended, and
section 21E of the Securities Exchange Act of 1934, as
amended. Any statement that does not describe historical or
current facts is a forward-looking statement. These statements
often include the words “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,”
“initiatives,” “focus,” “potentially,” “probably,” “projects,”
“outlook” or similar expressions or future conditional verbs such
as “may,” “will,” “should,” “would,” and “could.” Forward-looking
statements are based upon the current beliefs and expectations of
management and on information currently available to management.
Our statements speak as of the date hereof, and we do not assume
any obligation to update these statements or to update the reasons
why actual results could differ from those contained in such
statements in light of new information or future events.
Forward-looking statements are subject to significant risks and
uncertainties. Investors are cautioned against placing undue
reliance on such statements. Statements about the proposed
transaction, including future financial and operating results, may
differ materially from those set forth in the forward-looking
statements. Factors that could cause actual results to differ
materially from those described in the forward-looking statements
can be found in Part I, “Item 1A. Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2016 and in
other periodic reports that we file with the SEC. Such reports are
available upon request from the company or the Securities and
Exchange Commission, including through the SEC’s website at
www.sec.gov.
For More InformationTrisha Voltz
Carlson, EVP, Investor Relations Manager504.299.5208 or
trisha.carlson@hancockwhitney.com
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