GULFPORT, Miss., July 22, 2013 (GLOBE NEWSWIRE) -- Hancock Holding Company (Nasdaq:HBHC) announced today it has signed purchase agreements with buyers to acquire 10 of 40 branch locations the Company previously announced were scheduled for closure on August 30, 2013 or by year-end 2013.
"We have been honored to help create commerce and opportunities in the communities we serve," said Hancock Holding Company President and Chief Executive Officer Carl J. Chaney. "Through the transactions announced today, we are able to continue that local commitment by keeping both jobs and business opportunities in these markets."
Chaney said decisions to relocate, close, buy, or sell branches are common business strategies used by banks to sustain strength, enhance service, and align growth with changes in demographics, customer habits, and industry trends.Hancock has agreed to sell three retail branch locations in the greater Alexandria (Louisiana) market to Sabine State Bank in Many, La. As part of the branch acquisition, Sabine expects to acquire approximately $20 million in loans and to assume approximately $30 million in deposits. The branch locations to be sold are 203 Ansley Blvd., Alexandria, La. 4716 Jackson St., Alexandria, La. 2704 Hwy 28 E., Pineville, La. Hancock has agreed to sell seven retail branch locations in the greater Houston (Texas) market to Texas Dow Employees Credit Union ("TDECU") in Lake Jackson, Texas. As part of the branch acquisition, TDECU expects to acquire approximately $34 million in loans and to assume approximately $30 million in deposits. The branch locations to be sold are 3800 SW Fwy. Ste. 100, Houston, Texas 6348 Woodway, Houston, Texas 5102 Richmond Ave., Houston, Texas 24250 Cinco Ranch Blvd., Katy, Texas 9915 Broadway, Pearland, Texas 24706 SW Fwy., Rosenberg, Texas 2109 State Hwy 6, Sugar Land, Texas The branch sales, which are subject to regulatory approvals and certain closing conditions, are expected to be completed by year-end 2013 and will be reflected in Hancock's fourth quarter 2013 financial results.