Hancock Holding Company announced Monday a purchase agreement to acquire the bank-managed high net worth individual and institutional investment management and trust business from Capital One, National Association.
The combination will make Hancock Whitney a Top 50 trust firm (by revenue) in the United States with combined annual revenue of $70-$75 million, assets under administration of approximately $26 billion and assets under management of approximately $10 billion.
“This transaction is an excellent strategic fit with our existing Hancock Whitney wealth management group, and illustrates the type of largely in-market, low-risk business deals we prefer under our current M&A strategy,” said John Hairston, president & CEO of Hancock Holding Co., which is headquartered in Gulfport.
A significant portion of the business being acquired is in Louisiana and East Texas, and would secure one of the highest market shares of investment management and trust along the I-10 corridor from Houston to Gulfport. The company also will maintain a presence in the New York metro area for existing and new clients.
The transaction is expected to close during the second quarter of 2018. Financial terms of the transaction were not disclosed.