Hanock Whitney Corporation announced it is buying Trustmark Bank in the following press release.
Hancock Whitney Corporation (“Hancock Whitney”) (NASDAQ: HWC), parent company of Hancock Whitney Bank, and Trustmark Corporation (“Trustmark”) (NASDAQ: TRMK), parent company of Trustmark Bank, jointly announced today that they have entered into a definitive agreement and plan of merger, pursuant to which Trustmark will merge with and into Hancock Whitney in an all-stock transaction valued at approximately $3.2 billion.
This merger establishes a premier Gulf South regional bank with approximately $58 billion in assets and a presence across six Southeastern states, combining the scale and capabilities of a larger institution with the client focus and relationship banking approach that defines both organizations. The merger unites two strong, high-performing Mississippi headquartered franchises with proven performance, robust liquidity, and solid capital foundations, creating a stronger platform for profitable growth. The combined organization is expected to deliver improved profitability, maintain strong pro-forma capital ratios, and increase the scale and resources needed to invest in high-growth markets, while continuing to support customers and communities throughout its core footprint.
“We are pleased to welcome Trustmark to the Hancock Whitney organization,” said John M. Hairston, President and CEO of Hancock Whitney. “By bringing together two high-performing banks with shared values, complementary capabilities, and a relentless focus on client success, we create an organization that is stronger as one. This combination enhances our platform, expands growth opportunities, strengthens the core deposit franchise, and broadens the capabilities we deliver to consumer and business clients.”
Duane Dewey, President and CEO of Trustmark, commented, “We and Hancock Whitney have long held a shared commitment to exceptional client service and relationship banking. Given the strong cultural alignment and complementary business lines between our two organizations, we believe this transaction will generate substantial value and meaningful benefits for our customers, shareholders, associates, and communities.”
Like Trustmark, Hancock Whitney has a strong tradition of community support through meaningful local partnerships, investment, and community engagement. Following the merger, Hancock Whitney will continue to foster existing Trustmark relationships with local community partners and the planned Central Mississippi Advisory Board will enhance Hancock Whitney’s business development opportunities throughout the region.
The merger is expected to close late in the first quarter of 2027, subject to the receipt of regulatory approvals, approval by Hancock Whitney and Trustmark shareholders, and the satisfaction of other customary closing conditions. Five members of Trustmark’s Board of Directors will join Hancock Whitney’s Board of Directors following the transaction close, including Duane Dewey. Upon conversion, which is expected in late 2027, Trustmark associates and branches will operate under the Hancock Whitney name and brand.
Transaction Terms
Under the terms of the merger agreement, Hancock Whitney will issue 0.7463 shares of common stock for each outstanding share of Trustmark common stock in a 100% stock transaction. Based on Hancock Whitney’s closing stock price on November 11, 2026, the consideration implies an aggregate transaction value of approximately $3.2 billion. The transaction is expected to be approximately 7% accretive to Hancock Whitney’s 2028 estimated earnings per share, mildly dilutive to regulatory capital at close, and approximately 7% dilutive to tangible book value per share with earn-back in approximately 2.8 years inclusive of merger expenses. At close, Hancock Whitney’s shareholders will own approximately 65% and Trustmark shareholders will own approximately 35% of the combined company.
Advisors
Raymond James & Associates, Inc. is serving as financial advisor to Hancock Whitney and Wachtell, Lipton, Rosen & Katz is serving as legal advisor. Goldman Sachs & Co., LLC is serving as financial advisor to Trustmark and Covington & Burling LLP and Brunini, Grantham, Grower & Hewes, PLLC, are serving as legal advisor.
Teleconference/Webcast Information
Hancock Whitney and Trustmark’s management will host a conference call to discuss the acquisition on Thursday, November 12, 2026 at 8:00 a.m. Central Time, to discuss the strategic and financial implications of the transaction. A live listen-only webcast of the call will be available under the Investor Relations section of Hancock Whitney’s website at investors.hancockwhitney.com and the Investor Relations section of Trustmark’s website at investorrelations.trustmark.com. A link to the release and slide presentation are also posted as part of the webcast link. To participate in the Q&A portion of the call, dial 833-461-5787, access code 272691256.
About Hancock Whitney
Since the late 1800s, Hancock Whitney has embodied core values of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork, and Personal Responsibility. Hancock Whitney offices and financial centers in Mississippi, Alabama, Florida, Louisiana, and Texas offer comprehensive financial products and services, including traditional and online banking; commercial and small business banking; private banking; trust and investment services; healthcare banking; and mortgage services. The company also operates combined loan and deposit production offices in the greater metropolitan areas of Nashville, Tennessee, and Atlanta, Georgia. More information is available at www.hancockwhitney.com.
About Trustmark
Trustmark Corporation is a bank holding company headquartered in Jackson, Mississippi, with assets of $19.1 billion as of September 30, 2026. Trustmark Corporation trades on the NASDAQ under the symbol “TRMK.” Through its wholly owned subsidiaries, Trustmark operates as a financial services organization providing banking and financial solutions to corporate institutions and individual customers through offices in Alabama, Florida, Georgia, Mississippi, Tennessee and Texas. Additional corporate information is available at www.trustmark.com.
Kingfish note: And yet another Mississippi business becomes a satellite.
No comments:
Post a Comment