Whitney Holding in $165M Deal to Acquire Parish National

Whitney Holding Corp . in New Orleans said on Monday it reached a definitive agreement to acquire Parish National Corp. of Covington, La.

Whitney said shareholders of Parish National would receive a total of about $165 million in cash and stock, with up to 60% of the total consideration to be paid in cash.

Parish National will continue to operate independently until the merger is finalized . The companies expect that to occur in the fourth quarter of 2008.

At March 31, 2008 Parish National had $763 million in total assets, $580 million in total loans and $679 million in total deposits.