Hancock Whitney Gets Approval To Acquire MidSouth Bank
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. and the Mississippi Department of Banking have granted approval to Gulfport Mississippi based Hancock Whitney Bank to acquire Lafayette-based MidSouth Bank.
The all-stock transaction worth $214 million that it expects to complete Sept. 20. MidSouth stockholders are expected to vote on and approve the deal on September 18th.
Following the completion of the transaction, MidSouth is expected to close nine different branches. Many of those branches are reported to be in the Lafayette area. There are expected to be some 90 individuals laid off as a result of the deal between the two banking institutions.
According to records made public by the FDIC, Hancock Whitney had $28 billion in total assets as of June 30 and more than 3,800 employees. By contrast, MIdSouth was reported to have $1.7 billion in total assets and 457 employees.