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Hancock Whitney Buys OFB Bancshares for $377.6M
Description
Hancock Whitney, a bank based in Gulfport, Mississippi, has announced a significant all-cash deal to acquire OFB Bancshares in Orlando, Florida, for $377.6 million. This acquisition expands Hancock Whitneys presence in the fast-growing Orlando metro area, increasing their Florida loans and deposits by over 30%. The deal, set to close in the third quarter, is Hancock Whitneys first bank acquisition in seven years. OFB, with $2.1 billion in assets, operates five branches in Orlando and one in the Panhandle, making it the tenth largest deposit holder in the region. The acquisition will boost Hancock Whitneys assets to over $37 billion across 186 branches in the Southeast. This move follows Hancock Whitneys acquisition of Sabal Trust Company last year to strengthen their wealth management services.
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