FILE: Whitney Bank branch in Mandeville, Louisiana, 2010. Photo: Infrogmation of New Orleans / Wikimedia Commons, CC BY 3.0; cropped and resized.
Hancock Whitney has agreed to acquire Trustmark in an all-stock deal valued at approximately $3.2 billion, the two Mississippi-based banking companies announced Thursday.
The proposed combination would create a regional bank with approximately $58 billion in assets across six Southeastern states. It is an agreement to merge, not a completed takeover: regulators and both companies’ shareholders still need to approve it. Whitney Bank, shown in the file photo, joined Hancock in 2011, and the combined bank was renamed Hancock Whitney in 2018.
The companies expect to close the transaction late in the first quarter of 2027, if the required approvals and other conditions are met.
Trustmark Investors to Receive Hancock Whitney Shares
Trustmark shareholders would receive 0.7463 Hancock Whitney shares for each Trustmark share they own. The $3.2 billion value is based on Hancock Whitney’s November 11 closing share price, so it is not a fixed cash payment.
Hancock Whitney’s current shareholders are expected to own approximately 65% of the combined company, with Trustmark shareholders owning approximately 35%.
Five Trustmark directors, including Chief Executive Duane Dewey, would join Hancock Whitney’s board after closing.
Trustmark branches and employees are expected to begin operating under the Hancock Whitney name when the banks convert their operations, which the companies expect in late 2027. That branding change is planned for later than the merger’s expected closing.
Trustmark reported $19.1 billion in assets as of September 30, according to the announcement.
Source: Hancock Whitney and Trustmark’s joint November 12 announcement.
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