A small merger deal in banking today between Whitney Holding and Hancock Holding Whitney will be sold to Hancock, for $15.48 a share — a 42 percent premium. Whitney is a New Orleans bank; Hancock, a Missisippi bank.
More importantly, Hancock will assume responsibility for the $300 million TARP loan still outstanding. HBHC is still recording losses.
Sound familiar? Sounds similar to the deal where Bank of Montreal bought Marshall & Ilsley recently. The implication, traders tell me: some are becoming more comfortable with trying to price loan books while also being more confident that they can navigate the regulatory environment... positive developments.
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