Wunderlich Securities Comments On HBHC / WTNY Acquisition

On December 22, 2010, Hancock Holding Co. HBHC announced the acquisition of Whitney Holding Corp. WTNY in an all-stock transaction that is expected to close in 2Q11, Wunderlich Securities reports.

“At closing, Hancock is expected to be a $20 billion asset institution, with $16 billion in deposits and $12 billion in loans, and over 300 branches across five states spanning from Texas to Florida,” Wunderlich Securities writes.

“This transaction should be significantly accretive to HBHC shareholders, and the combination will also yield favorable shifts in both deposit mix and loan portfolio composition that will create a shorter-duration, more proprietary balance sheet that is well positioned for an environment characterized by rising short-term interest rates.”

Hancock Holding Co. closed Thursday at $34.13; Whitney Holding Corp. closed at $13.98.