Hancock Whitney Corporation (formerly Hancock Holding Company) provides a range of community banking services to commercial, small business, and retail customers in the states of Mississippi, Louisiana, Texas, Florida, and Alabama. The company was founded in 1883 and is based in Gulfport, Mississippi.
Hancock Whitney Corporation (HWC) today announced the pricing of an offering of $150 million of its 6.25% Subordinated Notes due 2060 (“the Notes”). The Notes are expected to trade on the Nasdaq Global Select Market under the ticker “HWCPZ” within 30 days of the original issue date of the Notes. Hancock Whitney expects net proceeds of this offering, before expenses, of approximately $172.5 million, if the underwriters exercise their option to purchase additional notes in full.
DEEP DIVE Economic turmoil from the coronavirus shutdown points to significant loan losses ahead for banks. But if you are confident that the U.S. economy will recover fairly quickly as states reopen, then this is the time to scoop up shares of banks that are in good overall shape and are trading at discounts to tangible book value, according to Christopher Marinac, director of research at Janney Montgomery Scott.