Whitney to Buy Bank of Houston for $58M

Whitney Holding Corp. is poised to enter the Texas market with a deal to buy Bank of Houston for $58 million in cash. Whitney, which has $5.2 billion of assets, said late Wednesday that the deal is part of its strategy to enhance its presence in the metropolitan Houston market, where its commercial customers have begun to conduct business. Bank of Houston, with $185 million of assets and two branches, would keep its name but operate as a subsidiary of Whitney. Whitney, the parent of Whitney National Bank, operates 116 branches in Louisiana, Mississippi, Alabama, and Florida. The deal is expected to close early next year.

- Matt Andrejczak