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Hancock Whitney Bank to Acquire Sabal Trust Company

Hancock Whitney Bank is acquiring Sabal Trust Company to enhance financial services in Florida.

News Summary

Hancock Whitney Bank has announced its acquisition of Sabal Trust Company, enhancing its wealth management services in Florida. The deal, expected to close in the second quarter of 2025, will bolster Hancock Whitney’s market share and provide improved financial services for residents across Central Florida. With Sabal Trust’s significant assets and earnings, this merger stands to benefit both investors and clients by increasing service options and financial solutions in the region.

Exciting News for Florida: Hancock Whitney Bank to Acquire Sabal Trust Company!

St. Petersburg, Florida—big news is buzzing around town! Hancock Whitney Bank has announced that it will be acquiring Sabal Trust Company, a well-known name in the wealth management world right here in the Sunshine State. It’s a deal that’s sure to shake things up as the bank aims to enhance its wealth management services and strengthen its commitment to the people of Central Florida.

What’s the Deal?

While the exact terms of the acquisition haven’t been shared with the public, both companies are gearing up for a smooth transition. They expect the closing to happen in the second quarter of 2025, but of course, this all hinges on standard regulatory approvals and closing conditions. What does this mean for the folks in Florida? More options and better services to manage their finances!

The Power of Two

Hancock Whitney is no stranger to Florida, already running 25 locations statewide, with nine of those located along the picturesque Gulf of Mexico. And here comes Sabal Trust Company, with its four offices in St. Petersburg, Tampa, Sarasota, and The Villages. This partnership is not just about numbers; it’s about growing Hancock Whitney’s market share in investment management and trust services, particularly in the bustling Tampa and Orlando areas.

Just to give you an idea of the scale, Sabal Trust Company managed to earn $22.1 million in revenue for the fiscal year that wrapped up on December 31, 2024. Not too shabby, right? They also boast a hefty $3 billion in assets under their management. That brings some serious street cred to Hancock Whitney’s already impressive lineup of services.

What It Means for You

So, what will this all mean for you, the everyday Floridian? Well, for starters, Hancock Whitney’s acquisition of Sabal Trust Company is expected to open up a whole new array of opportunities for growth in fee income and client relationships. This could translate into better service for clients across various banking needs. With Hancock Whitney’s long-standing history dating back to the late 1800s, this merger will only serve to solidify their place as a leader in financial products and services.

Boosting Earnings and Market Presence

Investors can breathe a sigh of relief too! The acquisition is anticipated to immediately boost Hancock Whitney’s GAAP earnings per share (excluding any one-time costs). This aligns nicely with the bank’s financial targets regarding Internal Rate of Return (IRR) and Return on Invested Capital (ROIC). Their stock trading profile is notable, showing a market cap of $5.09 billion and an annual return sitting at an impressive 32.65%!

A Bright Future Ahead

As this acquisition unfolds, clients will likely see a seamless integration of services which could benefit their overall banking experience. Plus, with the integration of such a strong team into Hancock Whitney’s wealth management division, it opens doors to even more innovative financial solutions for clients.

The legal side of things is being handled by the esteemed law firm Wachtell, Lipton, Rosen & Katz. They’re on deck to make sure everything goes smoothly as Hancock Whitney adds Sabal Trust to its family of services. Florida residents can keep their eyes peeled because this acquisition isn’t just about numbers; it’s about building community and enhancing the overall banking experience!

Overall, Hancock Whitney Bank’s decision to acquire Sabal Trust Company is poised to create a brighter, more prosperous future for wealth management services across the sunny state of Florida. Who knows? It might just be the beginning of a fruitful partnership that could benefit many Floridians for years to come!