Hancock Bank
Encyclopedia
In December of 2010, Hancock Bank announced it would merge with Louisiana-based Whitney Bank
Whitney National Bank
Whitney National Bank is a regional community banking institution headquartered in New Orleans, Louisiana. Founded in 1883, it is the oldest continuously operating bank in Louisiana and a major player in the Gulf South banking industry. Whitney branches are distinguished by a characteristic clock,...
in a stock-for-stock transaction.
History
Hancock County Bank was founded in 1899 in Bay Saint Louis, Mississippi by nineteen individuals. On its first day, the bank opened with $10,000 in capital and $8,277.41 in first-day deposits. The bank was originally meant to capitalize on the booming lumber, cotton, and wool trades and also the market for poultry and produce. Hancock County Bank opened its first branch office in PearlingtonPearlington, Mississippi
Pearlington is a census-designated place in Hancock County, Mississippi, United States, on U.S. Route 90, along the Pearl River, at the Louisiana stateline. It is part of the Gulfport–Biloxi, Mississippi Metropolitan Statistical Area. The population was 1,684 at the 2000 census. On August...
on January 8, 1902, followed by a branch in Pass Christian
Pass Christian, Mississippi
Pass Christian , nicknamed The Pass, is a city in Harrison County, Mississippi, United States, along the Gulf of Mexico. It is part of the Gulfport–Biloxi, Mississippi Metropolitan Statistical Area...
, the popular destination of Northerners fleeing the brutal winters, and of affluent New Orleanians seeking relief from the sweltering heat of the summers. The Pearlington, and later the Logtown branches closed with the fall of the lumber industry, and the company turned its attention toward Gulfport
Gulfport, Mississippi
Gulfport is the second largest city in Mississippi after the state capital Jackson. It is the larger of the two principal cities of the Gulfport-Biloxi, Mississippi Metropolitan Statistical Area, which is included in the Gulfport-Biloxi-Pascagoula, Mississippi Combined Statistical Area. As of the...
and Biloxi
Biloxi, Mississippi
Biloxi is a city in Harrison County, Mississippi, in the United States. The 2010 census recorded the population as 44,054. Along with Gulfport, Biloxi is a county seat of Harrison County....
. The first banana boat had arrived at the Port of Gulfport and fourteen new hotels opened in Gulfport and Biloxi.
With the stock market crash of 1929, 162 Mississippi banks failed, leaving Gulfport without a bank. Some Gulfport residents were already customers at the Long Beach
Long Beach, Mississippi
Long Beach is a city located in Harrison County, Mississippi, USA. It is part of the Gulfport–Biloxi, Mississippi Metropolitan Statistical Area...
branch and a number of Gulfport businessmen appealed to Hancock County Bank to open a downtown Gulfport branch. Hancock County Bank opened at the corner of 13th Street and 26th Avenue in the former First National Bank of Gulfport Building. In 1933, the bank moved to the location that would become One Hancock Plaza in downtown Gulfport, and the company changed the domicile
Domicile
*In architecture, a general term for a place of residence or "permanent residence" in legal terms*Domicile , the zodiac sign over which a planet has rulership...
to Gulfport and renamed the company Hancock Bank.
In 1990, Hancock Bank acquired Baton Rouge
Baton Rouge, Louisiana
Baton Rouge is the capital of the U.S. state of Louisiana. It is located in East Baton Rouge Parish and is the second-largest city in the state.Baton Rouge is a major industrial, petrochemical, medical, and research center of the American South...
-based American Bank of Baton Rouge, this established a formidable presence for Hancock Bank in the Louisiana market. Between 1973 and 1998 Hancock Bank acquired 14 Mississippi and Louisiana financial institutions, increasing corporate assets from $158 million to $2.7 billion. In July of 1999, American Security Bank in Ville Platte, Louisiana
Ville Platte, Louisiana
Ville Platte is a city in and the parish seat of Evangeline Parish, Louisiana, United States. The population was 8,145 at the 2000 census. Its name is derived from the French ville plate, or "flat town."-History:...
joined Hancock Bank, raising assets to the $3 billion mark. In 2001, Hancock Bank acquired Lamar Bank opening up the south-central Mississippi marketplace and establishing a presence in Hattiesburg
Hattiesburg, Mississippi
Hattiesburg is a city in Forrest County, Mississippi, United States. The population was 44,779 at the 2000 census . It is the county seat of Forrest County...
. In 2006, Hancock Bank of Alabama was issued a charter to operate there, and the company opened its downtown Mobile
Mobile, Alabama
Mobile is the third most populous city in the Southern US state of Alabama and is the county seat of Mobile County. It is located on the Mobile River and the central Gulf Coast of the United States. The population within the city limits was 195,111 during the 2010 census. It is the largest...
financial center in 2007 and opened four new branches in the area in 2008. In March of 2004, Hancock Bank acquired Tallahassee, Florida
Tallahassee, Florida
Tallahassee is the capital of the U.S. state of Florida. It is the county seat and only incorporated municipality in Leon County, and is the 128th largest city in the United States. Tallahassee became the capital of Florida, then the Florida Territory, in 1824. In 2010, the population recorded by...
-based Guaranty National Bank, and opened a new financial center in downtown Tallahassee and four new branches in the area. Hancock Bank continued to expand in the Florida area by opening a financial center in downtown Pensacola, Florida
Pensacola, Florida
Pensacola is the westernmost city in the Florida Panhandle and the county seat of Escambia County, Florida, United States of America. As of the 2000 census, the city had a total population of 56,255 and as of 2009, the estimated population was 53,752...
and with the purchase of Panama City
Panama City, Florida
-Personal income:The median income for a household in the city was $31,572, and the median income for a family was $40,890. Males had a median income of $30,401 versus $21,431 for females. The per capita income for the city was $17,830...
's Peoples First Bank.
In Fall of 2004, Hancock Bank also acquired 103-year-old Ross King Walker, Inc., in Hattiesburg, and J. Everett Eaves, Inc., in New Orleans, expanding Hancock Bank's insurance services.
Merger with Whitney Bank
In December of 2010, Hancock Bank announced that it would acquire New OrleansNew Orleans, Louisiana
New Orleans is a major United States port and the largest city and metropolitan area in the state of Louisiana. The New Orleans metropolitan area has a population of 1,235,650 as of 2009, the 46th largest in the USA. The New Orleans – Metairie – Bogalusa combined statistical area has a population...
-based Whitney National Bank in a stock-for-stock transaction. This merger will substantially expand Hancock Bank's presence in Florida and Texas. Whitney stockholders will receive .418 shares of Hancock stock and five Whitney board members will join the board of Hancock Holding Company. The new entity will have approximately $20 billion in total assets, $16 billion in deposits, $12 in loans, 305 branches, 390 ATMs, and almost 5,000 employees. As part of the merger Hancock Bank will have to pay back the TARP debt still owed by Whitney Bank, Hancock had never accepted TARP funds. Whitney Bank is expected to also add an international market for the new company. It is expected that banks in Louisiana and Texas will retain the Whitney name because of the bank's long history there and customer loyalty, and other banks will be rebranded as Hancock Bank.
Since Whitney Bank was the official bank of the New Orleans Saints
New Orleans Saints
The New Orleans Saints are a professional American football team based in New Orleans, Louisiana. They are members of the South Division of the National Football Conference of the National Football League ....
it is now expected that Hancock Bank will also be able to use the Saints logo, etc.