(RTTNews) - Hancock Whitney Corp. (HWC) announced Tuesday that Hancock Whitney Bank, its wholly owned bank subsidiary, entered into an agreement to acquire the non-depository trust company, Sabal Trust Co., based in St. Petersburg, Florida. Financial terms of the transaction were not disclosed.
The transaction will expand Hancock Whitney's wealth and asset management group within the high-growth Florida market.
The transaction is expected to be immediately accretive to adjusted EPS excluding one-time costs and meets or exceeds the Company's minimum thresholds for Internal Rate of Return (IRR) and Return on Invested Capital (ROIC).
The business being acquired has four locations within the greater Tampa, Florida and Orlando, Florida metropolitan statistical areas, and would build the Company's market share of investment management and trust business in these high-growth markets.
The transaction, expected to close during the second quarter of 2025, is subject to receipt of regulatory approvals and the satisfaction of other customary closing conditions.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
