KBW Reiterates HBHC Rating On WTNY Buyout

KBW reports that in a surprise move, Hancock Holding Company HBHC announced that it is buying Whitney Holding Corporation WTNY in a deal valued at $1.5 bn or 1.7x WTNY's current tangible book value. “We find the deal is accretive to 2013 although the franchise adds new risks in the form of integration and credit,” KBW writes. “Revising estimates. Reiterate Market Perform rating.” Hancock Holding Company closed Wednesday at $34.58.