Chris Curry
Randy Gartz, Houston market president for Whitney Bank.
A Houston-area credit union has agreed to buy seven of eight branches that Whitney Bank had planned to close, according to statements from both financial institutions.
Lake Jackson-based Texas Dow Employees Credit Union said in a statement Monday it?s slated to rake in about $34 million in loans and about $30 million in deposits when it acquires the Whitney branches from the New Orleans-based bank?s parent company, Hancock Holding Co. (Nasdaq: HBHC).
Gulfport, Miss.-based Hancock in May announced plans to shutter eight of its 14 branches in Houston by the end of the year, and overall the $19 billion-asset bank company aimed to close about 40 branches across its footprint in the southeastern U.S.
The deal for the branches is expected to close by the end of the year.
Whitney Bank was the 22nd-largest bank in Houston last year with about $730 million in local deposits, according to Charlottesville, Va.-based SNL Financial LC. Meanwhile, the $2 billion-asset TDECU is the largest credit union in the region, according to the HBJ?s annual list of the largest credit unions in Houston.
Collin Eaton covers banking, finance and securities for the Houston Business Journal. For his breaking stories and industry insights, follow him on Twitter.
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