For now, there's no name change. That will come later in the quarter when all merger papers are inked, enabling signs to go up designating Whitney National Bank's Houston operations. The takeover company currently has two banks in Houston, downtown and the Heights. The expenses of this one-time merger and conversion are approximately $3 million.
American Bank has four downtown locations in Houston and a branch in Fort Bend County. The bank has approximately $275 million in assets. The acquisition is structured as a tax-free exchange of American Bank common stock for 1,815,000 shares of Whitney Holding Corp. common stock.
"The Houston market offers us significant opportunity," says John C. Hope, executive vice president of the Gulf Coast region. "Adding the American bankers to Whitney's existing team gives us a very strong group of solid bankers to effectively compete in the Houston market."
Hope says Whitney isn't stopping with American Bank. The New Orleans banker already is eyeing more acquisitions or at the very least, new branches in the Houston market. Whitney Holding currently has 127 banking locations in Texas, Louisiana, Mississippi, Alabama and Florida.
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