Hancock Holding Co. (HBHC) said that it has acquired the banking operations of Peoples First Community Bank through a loss-sharing agreement with the Federal Deposit Insurance Corp.
Hancock Bank will acquire about $1.8 billion in assets and assume about $1.7 billion in liabilities.
Depositors of Peoples First will automatically become depositors of Hancock Bank, and deposits will continue to be insured by the FDIC. All offices of People First will open under regular business hours on December 19, and December 21, as branches of Hancock Bank.
Hancock Bank said the transaction is immediately accretive to earnings per share and tangible book value per share.
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