Hancock Whitney plans to close 8 MidSouth Bank branches in Louisiana and one in Texas, several months after inking a deal to acquire the Lafayette-based financial institution.
Five of the MidSouth branch closures are across the Lafayette metro area, documents on file with the Office of the Comptroller of the Currency show.
Branches located at 102 Versailles, 2218 Ambassador Caffery and 2805 Moss Street in Lafayette were affected, along with a Carencro branch at 800 Veterans Drive and a New Iberia branch at 2309 Old Jeanerette Road. There are already five Hancock Whitney branches in Lafayette.
One MidSouth branch in Baton Rouge, just south of Coursey Boulevard and Jones Creek Road will close, but there is a Hancock Whitney branch less than a mile east of the location. Also closing are one each in Lake Charles, Sulphur and Beaumont, Texas.
MidSouth previously closed 17 branches about two years ago in an effort to tighten its financial books. MidSouth reported a net loss of $5.3 million during the first quarter this year, down from a profit of $612,000 as of March 2018.
Hancock Whitney is slated to acquire MidSouth in an all-stock transaction worth $214 million. The deal is expected to close during third quarter.
Hancock Whitney was expected to add 32 MidSouth branches in Louisiana to its own network of 110 in the state, plus 10 out-of-state branches, mostly in Texas.
MidSouth had 480 employees as of March 31, up from 444 workers across the company in March 2018. MidSouth had $1.7 billion in total assets as of March 31, down from $1.8 billion a year earlier.
Hancock Whitney had nearly 3,800 employees across its network of branches and corporate offices as of March 31, up from nearly 3,700 one year before.
Click on the map below to explore bank closures in Louisiana. A MidSouth branch along 3200 Avenue A in Beaumont, Texas, will close as well.
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