Hancock Holding in Gulfport, Miss., has agreed to sell its consumer finance company.
The $27.3 billion-asset company said in a press release Thursday that it will sell Harrison Finance to First Tower Finance. Hancock did not disclose the price First Tower will pay for the unit. The deal is expected to close in the next 90 days.
Harrison Finance “had been a part of the company’s business plan when Hancock operated under a different set of strategic goals,” John Hairston, Hancock’s president and CEO, said in a press release. “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 has 35 offices in Louisiana, Mississippi, Alabama and Florida. The unit had 137 employees and about $95 million of loans at Dec. 31.
Hancock has been an acquirer in recent months, buying the failed First NBC Bank and agreeing to purchase Capital One Financial’s trust and asset management business.
Sandler O’Neill and Wachtell, Lipton, Rosen & Katz advised Hancock.