Parent of Hancock and Whitney banks sells $260M in stock

FILE PHOTO In this Jan. 14, 2011 photo, a clock from a Whitney Bank branch is seen in the foreground and the headquarters of the Hancock Bank is seen in the background in Gulfport, Miss. (AP Photo/Gerald Herbert)

GULFPORT, Miss. (AP) – A Gulf Coast bank says it has raised $260 million by selling new stock to investors.

Hancock Holding Co., the parent company of Hancock and Whitney banks, said Friday that it has sold 6.3 million shares of stock at $41.05 per share. Hancock, of  Gulfport, Mississippi, says underwriters are taking their option to buy 825,000 shares.

The company says it will use the money to grow internally or buy other banks.

Hancock has $23.1 billion in assets, operating as Hancock Bank in Mississippi, Alabama and Florida and as Whitney Bank in Louisiana and Texas.

Story by The Associated Press with minor editing by WJTV.


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