Whitney Holding Corp. of New Orleans announced Thursday that it has agreed to buy the $258 million-asset Signature Financial Holdings Inc. in St. Petersburg, Fla., for $62 million in cash and stock.
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The deal, which would add six branches to Whitney's network of 23 branches in Florida, is expected to close in the first quarter of 2007. Whitney, with $10.5 billion of assets, has 160 branches in Alabama, Texas, Louisiana, Mississippi, and Florida.
Signature Bank, which is seven years old, is the sole banking subsidiary of Signature Financial Holdings. It reported net income of $548,000 for the quarter that ended June 30, up 45% from a year earlier.
