July 23 - Hancock Holding Company (Nasdaq: HBHC) has signed purchase agreements with buyers to acquire 10 of 40 branch locations the company previously announced were scheduled for closure on Aug. 30, 2013, or by year-end 2013.
"We have been honored to help create commerce and opportunities in the communities we serve," said Hancock Holding Company President and CEO Carl J. Chaney. "Through the transactions announced today, we are able to continue that local commitment by keeping both jobs and business opportunities in these markets."
Chaney said decisions to relocate, close, buy or sell branches are common business strategies used by banks to sustain strength, enhance service, and align growth with changes in demographics, customer habits and industry trends.
Hancock has agreed to sell three retail branch locations in the greater Alexandria (Louisiana) market to Sabine State Bank in Many, La. As part of the branch acquisition, Sabine expects to acquire approximately $20 million in loans and to assume approximately $30 million in deposits.
The branch locations to be sold are:
Hancock has agreed to sell seven retail branch locations in the greater Houston (Texas) market to Texas Dow Employees Credit Union in Lake Jackson, Texas. As part of the branch acquisition, TDECU expects to acquire approximately $34 million in loans and to assume approximately $30 million in deposits. The branch locations to be sold are:
The branch sales, which are subject to regulatory approvals and certain closing conditions, are expected to be completed by year-end 2013 and will be reflected in Hancock's fourth quarter 2013 financial results.
About Hancock Holding Company
Hancock Holding Company, the parent company of Hancock Bank and Whitney Bank, operates branches and ATMs across Mississippi, Louisiana, Alabama, Florida, and Texas. The Hancock Holding Company family of financial services companies also includes Hancock Investment Services, Inc.; Hancock Insurance Agency and Whitney Insurance Agency, Inc.; corporate trust offices in Gulfport and Jackson, Miss., New Orleans and Baton Rouge, La., and Orlando, Fla.; and Harrison Finance Company. Additional information is available at www.hancockbank.com and www.whitneybank.com.