HANCOCK HOLDING COMPANY (NASDAQ:HBHC) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
Hancock Holding Company (the Company), entered into a purchase
and assumption agreement (the Agreement) with the Federal Deposit
Insurance Corporation (the FDIC), as receiver of First NBC Bank
(FNBC), the banking subsidiary of First NBC Bank Holding Company,
to which Whitney acquired certain assets and liabilities of FNBC
from the FDIC.
in deposits, primarily transaction and savings accounts, and
purchased approximately $1.0 billion in cash, securities, loans,
and other assets, primarily at book value, for a transaction
premium of $35 million. Under the Agreement, the FDIC made a
payment to Whitney Bank of approximately $600 million. These
amounts are subject to adjustments based upon final settlement
with the FDIC to the Agreement.
FNBC banking premises for a period of time. Whitney will have the
right for a 90 day period to purchase at fair market value any
owned FNBC banking premises (and purchase at fair market value
certain related assets) and will have the right for a 60 day
period to assume the leases for any leased premises (and purchase
at fair market value certain related assets).
against certain liabilities of FNBC and its affiliates not
assumed or otherwise purchased by Whitney. Neither the Company
nor Whitney Bank acquired any assets, common stock, preferred
stock or debt, or assumed any other obligations, of First NBC
Bank Holding Company.
qualified in its entirety by reference to the full text of the
Agreement, a copy of which is attached hereto as Exhibit 1.1 and
incorporated by reference herein.
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Exhibit No.
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Description
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Exhibit 1.1
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Purchase and Assumption Agreement, dated as of April 28,
2017, by and among the Federal Deposit Insurance Corporation, Receiver of First NBC Bank, the Federal Deposit Insurance Corporation and Whitney Bank |
About HANCOCK HOLDING COMPANY (NASDAQ:HBHC)
Hancock Holding Company (Hancock) is a financial services company that provides a network of service financial choices to the Gulf South region through its bank subsidiary, Whitney Bank, a Mississippi state bank. The Company operates through overall banking operations segment. Whitney Bank operates under brands, such as Hancock Bank in Mississippi, Alabama and Florida and Whitney Bank in Louisiana and Texas. The Bank operates across the Gulf South region comprising southern Mississippi; southern and central Alabama; southern Louisiana; the northern, central, and panhandle regions of Florida; Houston, Texas, and Nashville, Tennessee. The Bank offers a range of traditional and online community banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, investment brokerage services, secured and unsecured loan products, and letters of credit and similar financial guarantees. HANCOCK HOLDING COMPANY (NASDAQ:HBHC) Recent Trading Information
HANCOCK HOLDING COMPANY (NASDAQ:HBHC) closed its last trading session up +0.30 at 48.50 with 584,134 shares trading hands.
