Louisiana-based Whitney Bank buys Parish National Bank

New Orleans CityBusiness, Jun 16, 2008 by Reports

Whitney Bank will add to its presence on the North Shore with the $165 million acquisition of Parish National Bank.

The cash-and-stock transaction includes 11 PNB locations in St. Tammany, Tangipahoa and Washington parishes, four locations on the South Shore, a branch in Destin, Fla., and a loan production office in Fairhope, Ala.

"The North Shore community is one of the fastest growing in the state and Parish National has been a leader in that community for the past 40 years," said John C. Hope III, chairman and CEO. "The merger with Parish National is a first step to achieving the expansion goals we set in our updated strategic plan, and Parish National's culture and focus will complement our existing franchise."

Whitney has five existing branches in St. Tammany, one in Hammond, 14 in New Orleans and 17 in Jefferson. The merger will give Whitney 182 branches in the five Gulf Coast states it serves.

"We are glad to be joining a storied Louisiana institution such as Whitney," said Gary Blossman, Parish National president and CEO. "Whitney has served the South Shore of the greater New Orleans market for the past 125 years and we are pleased to become part of the organization as they expand their franchise on the North Shore of Lake Pontchartrain."

As of March 31, Parish National had $763 million in assets, $580 million in loans and $679 million in deposits.

Whitney reported $10.8 billion in assets, $7.6 billion in net loans and $8.3 billion in deposits.

Parish National Corp. shareholders will receive cash or Whitney common stock, but no more than 60 percent of the total consideration will be paid in cash.

Parish National will continue to operate independently until the merger is finalized in the fourth quarter of 2008.