NEW ORLEANS, Nov. 7, 2008 (GLOBE NEWSWIRE) -- Whitney Holding Corporation (Nasdaq:WTNY) announced today that it has completed its acquisition of Parish National Corporation, which is headquartered in Covington, Louisiana, in a cash and stock transaction. The acquisition was approved by Parish National's shareholders on November 6, 2008 at a special meeting. Parish National Corporation is the parent company of Parish National Bank, which had approximately $771 million in total assets, $606 million in loans and $636 million in deposits as of September 30, 2008.
"Our commitment to the Greater New Orleans market has been unwavering for the past 125 years," said John C. Hope, III, Chairman and CEO, "and our merger with Parish reinforces that commitment to our customers as we partner with a leader in the northshore community in providing commercial, business and consumer banking services." With the addition of Parish, Whitney now has 17 branches on the northshore of Lake Pontchartrain and a proforma market share of 12.9% as of June 30, 2008.
Parish shareholders of record prior to the election deadline on November 5, 2008 could elect to receive all cash, all Whitney common stock or a combination of cash and Whitney common stock as merger consideration. These elections were made subject to redesignation if the shareholders of Parish elected to receive aggregate cash consideration in excess of 60% of the total merger consideration. Based on preliminary shareholder elections, Whitney may be required to redesignate the type of consideration shareholders will receive.
Gary Blossman, former Chief Executive Officer and President of Parish National Corporation, said, "Whitney's legacy of strength, stability and customer service continues today as it has for the past 125 years. We are glad to be joining Whitney during these uncertain economic times." Mr. Blossman will join Whitney Bank as its regional northshore president.
The Company expects to merge Parish National Bank into Whitney National Bank before the end of 2008 following approval from the Office of the Comptroller of the Currency and upon completion of systems-integration work. Until that time, Parish National Bank will continue to operate under its current name.
Whitney Holding Corporation, through its banking subsidiary Whitney National Bank, serves the five-state Gulf Coast region stretching from Houston, Texas; across southern Louisiana and the coastal region of Mississippi; to central and south Alabama; the panhandle of Florida; and the metropolitan area of Tampa, Florida.
This press release contains "forward-looking statements" as defined by federal securities laws. Statements contained in this press release that are not historical facts are forward looking statements. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management, including the type of consideration shareholders will receive in connection with the Parish National Corporation merger and the timing of the merger of Parish National Bank and Whitney National Bank. Actual results could differ materially from current projections and expectations for many reasons, including without limitation, changing events and trends that have influenced Whitney's assumptions, but are beyond Whitney's control. Forward-looking statements are necessarily estimates reflecting the best judgment of Whitney's senior management based upon current information and involve a number of risks and uncertainties. Please refer to Whitney's filings with the SEC (and available at www.SEC.gov) for a summary of important factors that could affect Whitney's financial results and operations and its forward-looking statements. Except as required by law, Whitney does not intend to and assumes no responsibility for updating or revising any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.
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