Hancock Whitney in Gulfport, Miss., has agreed to buy Sabal Trust Co. in St. Petersburg, Fla.
Hancock Whitney did not disclose what it will pay for the non-depository company, which has about $3 billion in assets under management. The deal is expected to close in the second quarter.
The transaction is expected to be immediately accretive to Hancock Whitney’s earnings per share.
“This transaction is an excellent strategic opportunity to expand our wealth and asset management group within the high-growth Florida market and to add a strong team to our wealth and asset management business,” John Hairston, Hancock Whitney’s president and CEO, said in a press release.
“With the combination, we believe Hancock Whitney will have one of the most-talented teams of advisers located across the Gulf South, and the opportunity to grow fee income and expand relationships with private banking, wholesale banking, and retail services offerings,” Hairston added.
Wachtell, Lipton, Rosen & Katz was the adviser.