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Hancock Holding in Gulfport, Miss., has raised the ire of analysts and investors in an unusual way — by unveiling a plan to cut costs over the next two years.
April 26 -
Hancock Holding of Gulfport, Miss., has won all federal approvals to acquire Whitney Holding in New Orleans, setting the stage for the deal to close on June 4 and create a $20 billion-asset company with more than 300 branches stretching from Florida to Texas.
May 16
Hancock Holding in Gulfport, Miss., will close roughly a fifth of its branches as investors press management to cut costs.
The $19.8 billion-asset company will close 40 to 45 branches at Hancock Bank in Gulfport and Whitney Bank in New Orleans, Hancock said in a press release. Most closings are scheduled for the end of August, although some may take place at the end of the year.
The banks have 259 branches in Louisiana, Texas, Mississippi, Alabama and Florida, according to the Federal Deposit Insurance Corp.
Hancock expects to incur a one-time charge of $18 million to $22 million tied to the closures, it
The announcement comes less than a month after a quarterly earnings call in which
The branches marked for closure include eight of Hancock's 14 branches in Houston, the
A Hancock spokesman did not immediately respond to a request for more details.