Hancock Whitney has secured all regulatory approvals to complete its previously announced acquisition of MidSouth Bancorp.
The Mississippi-based lender has received green light from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance and the Mississippi Department of Banking and Consumer Finance, to advance with the deal.
The deal is now slated to close this month, subject to approval by MidSouth’s shareholders scheduled this week.
In April this year, Hancock Whitney signed a definitive agreement to acquire MidSouth in an all-stock transaction. Under the agreed terms, each share of MidSouth Bancorp can be exchanged for 0.2952 shares of Hancock Whitney.
The transaction will merge MidSouth Bank, the subsidiary of MidSouth Bancorp, into Hancock Whitney Bank.
It will add around $1.7bn in assets, around $900m in loans, and $1.4bn in deposits to Hancock Whitney books.
MidSouth offers banking services to commercial and retail customers in Louisiana and Texas. The lender has 42 branches in these two states.
At the time of the announcement, Hancock Whitney president and CEO John Hairston said: “The merger fits perfectly with our stated strategies of adding scale and enhancing value through in-market, financially accretive, low-risk transactions that strengthen our current franchise and provide opportunities for future growth.”
MidSouth Bancorp president and CEO Jim McLemore said: “This merger will provide our customers, employees, and shareholders the benefits of scale it would have taken years for us to accomplish independently.”