DOW JONES NEWSWIRES
Whitney Holding Corp. (WTNY) agreed to sell eight branches in
Mississippi and Louisiana to resolve antitrust concerns about its
pending merger with Hancock Holding Co. (HBHC), the Department of
Justice said.
Hancock is in the midst of acquiring Whitney, a fellow Gulf
Coast bank, in an all-stock deal valued at about $1.3 billion. The
transaction would unite two regional banks that survived the Great
Depression and Hurricane Katrina but now are struggling for profit
growth.
The DOJ said seven Whitney branches in the Biloxi and Gulfport
area of Mississippi with deposits of $155.4 million will be sold as
well as a Whitney branch in Washington Parish, La., with $46.7
million of deposits.
The merger is still pending final approval of Federal Reserve
Board.
Hancock shares were recently up 2.4% at $33.62 and shares of
Whitney were up 2.2% at $13.92.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283;
melodie.warner@dowjones.com