HATTIESBURG, Miss. & GULFPORT, Miss. & NEW ORLEANS -- (Business Wire)
Executives of The First Bancshares, Inc. (Nasdaq: FBMS), Whitney
National Bank, and Hancock Bank of Louisiana announced today that a
subsidiary of The First Bancshares, Inc., The First, A National Banking
Association, (www.TheFirstBank.com)
(“the First”) has entered into a branch purchase and assumption
agreement with Whitney National Bank (“Whitney”) and Hancock Bank of
Louisiana (“Hancock”) to acquire seven Whitney branches located on the
Mississippi Gulf Coast and one Whitney branch in Bogalusa, Louisiana. As
part of the branch acquisition, The First expects to acquire
approximately $68 million in loans and to assume approximately $195
million in deposits.
The First President & CEO M. Ray “Hoppy” Cole, Jr., commented, “The
First is excited about the opportunity to more than double our presence
along the Mississippi Gulf Coast, which we believe is a very attractive
market, as well as expand into the neighboring Louisiana market. These
eight branches have a loyal, long-term customer base, and we look
forward to providing these customers with the continued personalized
service you would expect from a community bank. We are pleased to
welcome these Whitney branch customers and employees to The First.”
On December 22, 2010, Hancock Holding Company (Nasdaq: HBHC), parent
company of Hancock, and Whitney Holding Corporation (Nasdaq: WTNY),
parent company of Whitney , announced that the companies had entered
into a definitive agreement for Hancock Holding Company to acquire
Whitney Holding Corporation, subject to regulatory and shareholder
approvals and other customary closing conditions. On May 17, 2011,
Hancock and Whitney agreed to sell the eight Mississippi and Louisiana
branches to the First to resolve certain branch concentration concerns
of the U.S. Department of Justice relating to the merger of Whitney into
Hancock.
The branch acquisition by The First is contingent on the closing of the
proposed merger between Hancock Holding Company and Whitney Holding
Corporation, which is expected to occur in the second quarter of 2011.
Advisors
Chaffe & Associates, Inc., with Jonathan W. Briggs as lead investment
banker, acted as financial advisor to The First, and Dover Dixon Horne
PLLC, with lead attorney Garland W. Binns Jr., Esq., acted as its legal
advisor. Watkins Ludlam Winter & Stennis, P.A., with lead attorney Craig
N. Landrum, Esq. acted as legal advisor to Hancock Holding Company, and
Alston & Bird LLP, with lead attorney Randolph A. Moore III, Esq. acted
as legal advisor to Whitney Holding Corporation.
About The First Bancshares, Inc.
The First Bancshares, Inc., headquartered in Hattiesburg, Miss., is the
parent company of The First, A National Banking Association. Founded in
1996, The First provides services competitive to those found at larger
regional banks. The First has approximately $540 million in assets and
currently has 10 locations operating in Hattiesburg, Laurel, Purvis,
Picayune, Pascagoula, Bay St. Louis, Wiggins, and Gulfport, Miss. The
company’s stock is traded on Nasdaq Global Market under the symbol FBMS.
Information is available on the company’s website www.TheFirstBank.com.
About Hancock Holding Company
With approximately $8.1 billion in assets as of March 31, 2011, Hancock
Holding Company is headquartered in Gulfport, Miss. Hancock operates 138
branches and more than 160 ATMs in Mississippi, Louisiana, Alabama, and
Florida. Founded in 1899, Hancock Bank has ranked as one of America's
strongest, safest financial institutions for more than 21 consecutive
years; and Hancock Holding Company has rated as one of Forbes’ “100 Most
Trustworthy Companies” for two years in a row. The Hancock financial
services family also includes Hancock Investment Services, Inc.; Hancock
Insurance Agency and its divisions of J. Everett Eaves and Ross King
Walker; Magna Insurance Company; corporate trust offices in Gulfport and
Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando, Fla.; and
Harrison Finance Company. More corporate information and e-Banking are
available at www.hancockbank.com.
About Whitney Holding Corporation
Through its principal subsidiary Whitney National Bank, Whitney Holding
Corporation offers commercial, retail, and international banking
services plus brokerage, investment, trust, and mortgage services
throughout the Gulf South region. With assets of approximately $11.5
billion as of March 31, 2011, Whitney has more than 150 locations and
200-plus ATMs across a five-state region, including Houston, Texas,
southern Louisiana, coastal Mississippi, central and southern Alabama,
the Florida Panhandle, and the metropolitan Tampa Bay area. Additional
information is available at www.whitneybank.com.
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE
SECURITIES LITIGATION REFORM ACT OF 1995: Congress passed the
Private Securities Litigation Act of 1995 in an effort to encourage
corporations to provide information about companies’ anticipated future
financial performance. This act provides a safe harbor for such
disclosure, which protects the companies from unwarranted litigation if
actual results are different from management expectations. This release
contains forward-looking statements which are not historical facts and
reflects management’s current views and estimates of future economic
circumstances, industry conditions, company performance, and financial
results. These forward-looking statements are subject to a number of
factors and uncertainties which could cause Hancock’s, Whitney’s or the
combined company’s actual results and experience to differ from the
anticipated results and expectations expressed in such forward-looking
statements. Forward-looking statements speak only as of the date they
are made and neither Hancock nor Whitney assumes any duty to update
forward-looking statements. In addition to factors previously disclosed
in Hancock’s and Whitney’s reports filed with the SEC, the following
factors among others, could cause actual results to differ materially
from forward-looking statements or historical performance: the
possibility that the proposed transaction does not close when expected
or at all because required regulatory or other approvals and other
conditions to closing are not received or satisfied on a timely basis or
at all; the terms of the proposed transaction may need to be modified to
satisfy such approvals or conditions; the anticipated benefits from the
proposed transaction such as it being accretive to earnings, expanding
the combined company’s geographic presence and synergies are not
realized in the time frame anticipated or at all as a result of changes
in general economic and market conditions, interest and exchange rates,
monetary policy, laws and regulations (including changes to capital
requirements) and their enforcement, and the degree of competition in
the geographic and business areas in which the companies operate; the
ability to promptly and effectively integrate the businesses of Whitney
and Hancock; reputational risks and the reaction of the companies’
customers to the transaction; diversion of management time on
merger-related issues; changes in asset quality and credit risk; the
inability to sustain revenue and earnings; changes in interest rates and
capital markets; inflation; customer acceptance of our products and
services; customer borrowing, repayment, investment and deposit
practices; customer disintermediation; the introduction, withdrawal,
success and timing of business initiatives; competitive conditions; and
the impact, extent and timing of technological changes, capital
management activities, and other actions of the Federal Reserve Board
and federal and state banking regulators, and legislative and regulatory
actions and reforms, including those associated with the Dodd-Frank Wall
Street Reform and Consumer Protection Acts.
Contacts:
The First Bancshares, Inc.
M. Ray “Hoppy” Cole Jr.,
President & CEO
or
Dee Dee Lowery, EVP & CFO
601-268-8998
or
Whitney
National Bank
Trisha Voltz Carlson, SVP
Manager Investor
Relations
504-299-5208
or
Hancock Bank
Carl
J. Chaney, President & CEO
or
Michael M. Achary, EVP & CFO
800-522-6542
or 228-868-4725
Source: The First Bancshares, Inc.
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