GULFPORT, Miss., Feb. 22, 2018 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) today announced that its banking subsidiary, Whitney Bank (“Hancock Whitney”), has signed an agreement to sell its consumer finance company (“Harrison Finance”) to First Tower Finance Company, LLC. Financial terms of the transaction were not disclosed.
“Harrison Finance, which was started in 1984, had been a part of the company’s business plan when Hancock operated under a different set of strategic goals”, said John M. Hairston, President and CEO. “Today, as our company continues to grow and change, and as we execute on our updated strategic plans, the decision was made to sell the consumer finance company.”
Harrison Finance operates 35 offices located across Louisiana, Mississippi, Alabama and Florida. The finance company had 137 employees and approximately $95 million of loans at year-end 2017. The impact of this transaction is not included in the near or long-term guidance provided with Hancock’s fourth quarter 2017 earnings.
The transaction is expected to close within 90 days, subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions. Sandler O’Neill + Partners, L.P. is serving as financial advisor to Hancock Whitney and Wachtell, Lipton, Rosen & Katz is serving as legal advisor.
About Hancock Holding Company
Hancock Holding Company is a financial services company with regional business headquarters and locations across the Gulf South. The company’s banking subsidiary provides comprehensive financial products and services through Hancock Bank locations in Mississippi, Alabama, and Florida and Whitney Bank locations in Louisiana and Texas, including traditional, online, and mobile banking; commercial and small business banking; private banking; trust and investment services; certain insurance services; and mortgage services. The company also operates a loan production office in Nashville, Tennessee. More information is available at www.hancockwhitney.com.
Important Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the meaning of, and subject to the protections of, section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “forecast,” “goals,” “targets,” “initiatives,” “focus,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events.
Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Statements about the proposed transaction, including future financial and operating results, may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016 and in other periodic reports that we file with the SEC. Such reports are available upon request from the company or the Securities and Exchange Commission, including through the SEC’s website at www.sec.gov.
For More Information
Trisha Voltz Carlson, EVP, Investor Relations Manager
504.299.5208 or email@example.com
Source:Hancock Holding Company