The combination of Mississippi banks would create a $58 billion-asset lender with about 370 branches across six Southeastern states.
The combination of $39 billion-asset Hancock Whitney and $19 billion-asset Trustmark would create “the premier Gulf South bank” that’s “better positioned to compete with dominant nationwide and super-regional banks,” the lenders said in the investor presentation.
Hancock Whitney and Trustmark both have branches in Alabama, Florida, Mississippi and Texas. Hancock Whitney also has a sizable presence in Louisiana, while Trustmark’s footprint extends to Tennessee.
“By bringing together two high-performing banks with shared values, complementary capabilities, and a relentless focus on client success, we create an organization that is stronger as one,” John M. Hairston, Hancock Whitney’s president and CEO, said in the release. “This combination enhances our platform, expands growth opportunities, strengthens the core deposit franchise, and broadens the capabilities we deliver to consumer and business clients.”
The combined entity would have about $40 billion in gross loans and $48 billion in deposits.
Trustmark has 93 locations and the largest deposit market share across Mississippi, at about 13%, according to Federal Deposit Insurance Corp. data from June. Hancock Whitney, meanwhile, has the No. 2 deposit position in Louisiana, with about 12.4% market share and 97 locations.
Five members of Trustmark’s board, including President and CEO Duane Dewey, will join Hancock Whitney’s board once the deal closes, the banks said.
Both banks “have long held a shared commitment to exceptional client service and relationship banking,” Dewey said in the release.
“Given the strong cultural alignment and complementary business lines between our two organizations, we believe this transaction will generate substantial value and meaningful benefits for our customers, shareholders, associates, and communities,” he said.
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