Hancock Whitney to acquire Trustmark in $3.2 billion deal creating $58 billion bank

Hancock Whitney announced plans to acquire Trustmark in a $3.2 billion transaction, combining two Mississippi-based banks to create a $58 billion-asset lender with approximately 370 branches across six Southeastern states, according to American Banker and Banking Dive.

The merged bank will operate in Alabama, Florida, Mississippi, Texas, Louisiana, and Tennessee, with Hancock Whitney having a strong presence in Louisiana and Trustmark extending into Tennessee, Banking Dive reported.

The new entity will hold about $40 billion in gross loans and $48 billion in deposits, with Trustmark holding the largest deposit market share in Mississippi at about 13%, and Hancock Whitney ranking second in Louisiana with 12.4% market share, according to Banking Dive.

Executives from both banks highlighted the cultural alignment and complementary business lines, with Trustmark's board members joining Hancock Whitney's board after the deal closes, as stated in the investor presentation and press releases cited by Banking Dive.

Hancock Whitney's CEO noted the acquisition will enhance growth opportunities in fast-growing markets such as Houston and the Florida Panhandle by leveraging deposits from slower-growth areas like Mississippi and Alabama, according to American Banker.

The deal is among the largest U.S. bank mergers announced this year and aims to strengthen the combined bank's competitive position against nationwide and super-regional banks, as reported by both sources.