GULFPORT, Miss., Oct. 06, 2015 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced that the bank has signed a purchase agreement to acquire approximately $190 million in outstanding healthcare loans from United Community Banks, Inc., (UCB) and to assume the current lease of a loan production office (LPO) in Nashville, Tennessee. In addition, a well-experienced team of four healthcare bankers, from UCB, joined Hancock Bank to expand this line of business.
“We are continuing our efforts to further diversify our lending portfolio with the addition of this healthcare team and book of loans,” said President and CEO John M. Hairston. “Operating in markets such as Houston with its well-known medical sector, and New Orleans with its brand new medical district, we see this acquisition of bankers and loans as a strategic fit for our markets. The new LPO in Nashville, known as the healthcare capital of the country, will allow us to better offer our financial products and services to an industry that is growing across our footprint. With over $21 billion in assets, and corporate banking product sophistication, this should also benefit the clients who are joining us via this transaction and enable this talented team of healthcare bankers to capitalize on additional opportunities available across our footprint.”
Hancock and Whitney banks currently serve clients in healthcare markets across the Gulf South such as Houston, Texas; Baton Rouge, Louisiana; New Orleans; South Mississippi; Mobile, Alabama; and Pensacola, Tallahassee, Jacksonville and Tampa, Florida. The acquired loans will be included in the company’s fourth quarter 2015 financial results. As of June 30, 2015 Hancock had $830 million in outstanding healthcare loans.
About Hancock Holding Company
Hancock Holding Company is a financial services company with regional business headquarters and locations throughout a growing Gulf South corridor. The company’s banking subsidiary provides a comprehensive network of full-service financial choices through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank offices in Louisiana and Texas, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; mortgage services; and consumer financing. More information and online banking are available at www.hancockbank.com and www.whitneybank.com.
This news release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended, and we intend such forward-looking statements to be covered by the safe harbor provisions therein and are including this statement for purposes of invoking these safe-harbor provisions. Forward-looking statements provide projections of results of operations or of financial condition or state other forward-looking information, such as expectations about future conditions and descriptions of plans and strategies for the future.
Hancock’s ability to accurately project results or predict the effects of future plans or strategies is inherently limited. Although Hancock believes that the expectations reflected in its forward-looking statements are based on reasonable assumptions, actual results and performance could differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from those expressed in Hancock’s forward-looking statements include, but are not limited to, those risk factors outlined in Hancock’s public filings with the Securities and Exchange Commission, which are available at the SEC’s internet site (http://www.sec.gov).
You are cautioned not to place undue reliance on these forward-looking statements. Hancock does not intend, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of differences in actual results, changes in assumptions or changes in other factors affecting such statements, except as required by law.
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Source:Hancock Holding Company