GULFPORT, Miss.–Hancock Whitney Corporation, parent company of Hancock Whitney Bank, and MidSouth Bancorp, Inc. parent company of MidSouth Bank based in Lafayette, announced today that the companies have entered into a “definitive agreement” for MidSouth to merge into Hancock Whitney in a stock-for-stock transaction.
“We are pleased to have MidSouth join the Hancock Whitney franchise”, said John M. Hairston, President and CEO in a statement today.
“The merger fits perfectly with our stated strategies of adding scale and enhancing value through in-market, financially accretive, low-risk transactions that strengthen our current franchise and provide opportunities for future growth.”
The deal, expected to close late in the third quarter of this year, will give Hancock Whitney an additional $1.7 billion in assets, $900 million in loans, $1.4 billion in deposits and a larger footprint, according to The Baton Rouge Business Report.
MidSouth Bank has 42 branches in Louisiana and Texas.