GULFPORT, Miss., March 13 /PRNewswire-FirstCall/ -- Hancock Holding
Company (Nasdaq: HBHC) announced today that the 104-year-old Gulf South
financial services leader will open its doors in Florida's capital city, as
Hancock assumes all deposit liabilities of Guaranty National Bank of
Tallahassee, FL.
Hancock Holding Company -- the parent company of Hancock Bank Mississippi,
Hancock Bank of Louisiana, and Hancock Bank of Florida -- has assets of
$4.3 billion. With the transaction, Hancock acquires approximately
$66.9 million in deposits from the Federal Deposit Insurance Corporation
(FDIC) for a premium of $13.6 million, or 20 percent of acquired deposits.
The Office of the Comptroller of the Currency closed all locations of
Guaranty National Bank of Tallahassee, FL, at 5 p.m. (EST) yesterday, March
12, 2004. All five locations will reopen Monday, March 15, 2004, as new
Hancock Bank of Florida branches, introducing Sunshine State customers to
Hancock's comprehensive array of financial services.
According to Hancock executives, acquiring a banking franchise in the
Florida state capital fits perfectly with Hancock's stated plan for growth
throughout residential and commercial hubs bordering the Interstate 10
infrastructure from South Central Louisiana eastward to the Florida Panhandle.
Hancock management said the bank's Tallahassee acquisition constitutes another
significant phase in Hancock's strategic I-10 corridor expansion, and the
all-cash nature of the transaction represents reasonable, logical use of the
company's capital.
"As we bring Hancock's traditions of strength, stability, integrity, and
service to our Florida neighbors, we look forward to a long, prosperous
relationship with the citizens of Tallahassee and the surrounding region,"
said Hancock Holding Company Chief Executive Office George A. Schloegel.
Forbes ranked Tallahassee among the top 50 Best Places to Live. Home to
Florida State University and Florida A&M University, Tallahassee recently
earned additional recognition as the second best medium-sized college town in
the country based on the city's emphasis on arts, commitment to intellectual
growth, and economic growth. The metro area experienced a 33-percent
population growth since 1990, with a projected 26-percent additional increase
by 2020. With a median household income of $37,382 in 2000, the metropolitan
area maintains a relatively low unemployment rate (2.9 percent).
Schloegel said Hancock's senior officers are completing plans to ensure
smooth transitions for customers as well as employees at the five Tallahassee
locations.
"While we offer customers the comprehensive resources of a large regional
financial services company, we also subscribe to a strong community banking
philosophy of convenient, personalized service. Retaining local financial
services experts with a vested interest in the success of their hometowns has
been integral to Hancock's success since 1899," he added.
Founded on October 9, 1899, Hancock Bank ranks among the top 4.6 percent
of America's financial institutions for financial strength and stability,
according to Veribanc, Inc., and has received a BauerFinancial, Inc.,
five-star superior rating (the highest rating possible) for the past 36
consecutive quarters. Hancock Bank operates 102 full-service offices and more
than 140 automated teller machines in South Mississippi and Louisiana as well
as subsidiaries Hancock Investment Services, Inc., Hancock Insurance Agency,
Hancock Mortgage Corporation, Magna Insurance Company, and Harrison Finance
Company. Additional corporate information and on-line banking and bill pay
services are available at www.hancockbank.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995: Congress passed the Private Securities Litigation Act of 1995 in an
effort to encourage corporations to provide information about companies'
anticipated future financial performance. This act provides a safe harbor for
such disclosure, which protects the companies from unwarranted litigation if
actual results are different from management expectations. This release
contains forward-looking statements and reflects management's current views
and estimates of future economic circumstances, industry conditions, Company
performance, and financial results. These forward-looking statements are
subject to a number of factors and uncertainties which could cause the
Company's actual results and experience to differ from the anticipated results
and expectations expressed in such forward-looking statements.
SOURCE Hancock Holding Company
-0- 03/13/2004
/CONTACT: Carl J. Chaney, CFO of Hancock Holding Company,
+1-228-669-0982/
/Web site: http://www.hancockbank.com /
(HBHC)
CO: Hancock Holding Company; Guaranty National Bank of Tallahassee
ST: Mississippi, Louisiana
IN: FIN
SU: TNM
DO
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