Hancock Bank of Gulfport, Miss., closed its purchase Friday of the big New Orleans property and casualty insurance agency J. Everett Eaves Inc.
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Eaves becomes a division of Hancock Insurance Agency, roughly doubling the size of the Hancock Bank subsidiary, to nearly $8 million of annual revenue. The price of the all-cash deal was not disclosed.
The deal's terms called for the Eaves firm to maintain its agency team and operational structure.
Hancock Holding Co. - the parent of Hancock banks in Mississippi, Louisiana, and Florida and of Magna Insurance Co. - has assets of $4.8 billion.
