Hancock Whitney, a unit of Hancock Holding Company, has agreed to take over the bank-managed high net worth individual and institutional investment management and trust business from Capital One, National Association, a subsidiary of Capital One Financial.
The deal, whose financial terms were not revealed, is expected to make Hancock Whitney a Top 50 trust firm in the US by revenue. The combined entity will have around $26bn in assets under administration and around $10bn in assets under management.
A major part of the acquired company is in Louisiana and East Texas, and will have one of the highest market shares of investment management and trust along the I-10 corridor from Houston to Gulfport. At the same time, the company will operate in the New York metropolitan area.
The deal is expected to be completed in the second quarter of 2018, subject to regulatory approval.
Hancock Holding Company president and CEO John Hairston said: “This transaction is an excellent strategic fit with our existing Hancock Whitney wealth management group, and illustrates the type of largely in-market, low-risk business deals we prefer under our current M&A strategy.
“As a complement to our current lines of business for individuals and institutions, we believe Hancock Whitney will have one of the most talented teams of advisers located in wealth management offices across the Gulf South, with the opportunity to help improve our strategic goal of enhancing noninterest income as a percent of revenue.”