Hancock Holding Co., Gulfport, Miss., is planning to add another Louisiana bank to its portfolio.
The $2.9 billion company said this week that it has a deal to acquire American Security Bank, Ville Platte, La., in a stock swap valued at about $59 million. Each share of American Security stock would be about exchanged for 20.4 shares of Hancock stock. At midday Thursday, Hancock stock was trading at $60.50.
Founded in 1957, American Security Bank is a subsidiary of American Security Bancshares. The company, with $240 million of assets, operates 18 branches in central Louisiana.
Hancock has acquired six banks in Louisiana since 1989. Upon completion of its acquisition of American Security, the company would have 56 branches and $1.2 billion of assets in the Bayou State.