Hancock Holding Co. (HBHC), the parent company of Hancock Bank, said Friday it has acquired the banking operations of Peoples First Community Bank in a loss-sharing agreement with the Federal Deposit Insurance Corporation.
According to the deal, Federal Deposit Insurance Corporation or FDIC, covers all acquired loans with reimbursement of 80% of losses up to $385 million and 95% of losses beyond $385 million. Hancock Bank will also acquire approximately $1.8 billion in assets and assume approximately $1.7 billion in liabilities. However, other Real Estate Owned by the Peoples First will be retained by the FDIC. Hancock expects substantial cash payment from FDIC and also expects a one-time gain.
Hancock said that the deal represents a discount bid of approximately $236 million and a one percent deposit premium. The effects of the acquisition is immediately accretive to EPS, the company said.
Hancock Holding said pro forma capital remains very strong and provides cushion for additional acquisitions.
Peoples First depositors will automatically become depositors of Hancock Bank, and deposits will continue to be insured by the FDIC.
People First will open under regular business hours on Saturday, December 19 and branches of Hancock Bank will open on Monday, December 21.
Commenting on the acquisition, Hancock Holding Company President and Chief Executive Officer Carl Chaney said, "..Peoples First depositors can rest assured their deposits remain safe, secure, and accessible. The FDIC continues to insure their deposits to the fullest extent permitted, reinforced by the proactive risk management of one of the country's strongest, safest financial institutions, Hancock Bank."
Currently, People First has 29 branches across the Florida Panhandle and Central Florida. Hankcock expects to increase the company's total banking and financial services offices to more than 180 locations in Florida, Alabama, Mississippi, and Louisiana.
"This transaction is a strategic growth opportunity for Hancock Bank with a Florida banking team that shares the same type of community commitment and core values that have distinguished Hancock since 1899. This partnership further expands Hancock's current Florida footprint into attractive, long-term growth markets in the Florida Panhandle, and Central Florida," Chaney said.
Friday, HBHC closed at $42.37, up $1.51 or 3.69% on the Nasdaq. In the after hours, the stock further rose $0.70 or 1.65% to trade at $43.11.
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