Whitney Bank officials have narrowed their list of branches the company acquired when New Orleans-based First NBC Bank failed in April, and plans call for consolidating many locations, some located within a short distance of its own branches.
The consolidations, which are slated to continue through this month, mean that Whitney will shutter 25 locations, including 22 in Louisiana and three in Florida.
The closings were expected: Altogether, Whitney took over 29 former First NBC locations — 24 in Louisiana and five in Florida — but more than half of them were within a short distance of an existing Whitney branch.
"There is a fair amount of overlap of locations," John Hairston, president and CEO of Whitney's Mississippi-based parent, Hancock Holding Co., acknowledged in May, as workers hung a 400-pound Whitney sign at a former First NBC branch on Veterans Memorial Boulevard in Metairie.
The closings aren't limited to the former First NBC branches; in some cases, a Whitney branch is closing in favor of a former First NBC branch.
Along with the branches, Whitney gained about 400 employees as part of the First NBC deal.
Trisha Voltz Carlson, a Whitney spokesperson, said it's "too early to provide totals" on how many of those employees will be impacted by the consolidations, but added that "many of those associates are still directly involved in operating branches and carrying on back office functions to serve our clients.
Whitney has roughly 150 to 200 open positions across the company, and bank officials hope that former First NBC employees who are displaced by the branch closings will apply for those jobs. The process is expected to take several months.
In the face of mounting concerns about its accounting practices and capital levels, the Louisiana Office of Financial Regulators seized First NBC Bank on April 28 and appointed the Federal Deposit Insurance Corp. as receiver. The FDIC then entered into a purchase and assumption agreement with Whitney, which paid a $35 million premium for assuming First NBC's deposits.
Whitney's acquisition included approximately $1.6 billion in First NBC deposits and $1 billion in certain assets, such as cash, securities and better-performing loans. Net cash to Whitney totaled about $600 million.
Consolidations in the greater New Orleans area:
Whitney and Hancock Bank Financial Centers already closed:
29092 Krentel Rd., Lacombe, was consolidated into 2130 Gause Blvd., W., Slidell
707 Main St., Madisonville was consolidated into 70444 Hwy. 21, Covington
3900 Veterans Memorial Blvd., Metairie was consolidated into 4900 Veterans Memorial Blvd., Metairie
1615 Poydras St., New Orleans, was consolidated into 210 Baronne St., New Orleans
5733 Read Blvd., New Orleans, was consolidated into 5775 Read Blvd., New Orleans
851 Harrison Ave., New Orleans, was consolidated into 875 Harrison Ave., New Orleans
As of July 14:
200 Richmond St., Bogalusa will be consolidated into 300 Austin St., Bogalusa
200 W. Hickory St., Pontchatoula, will be consolidated into 545 W. Pine St., Pontchatoula
1110 SW Railroad Ave., Hammond, will be consolidated into 700 SW Railroad Ave., Hammond
740 Brownswitch Road, Slidell, will be consolidated into 1411 Gause Blvd., 101, Slidell
2077 Gause Blvd., E., Slidell, will be consolidated into 2250 Gause Blvd., E. Slidell
69285 La. 21, Covington, will be consolidated into 70444 La. 21, Covington
1347 N. Causeway Blvd., Mandeville, will be consolidated into 735 N Causeway Blvd., Mandeville
2302 S. Range Ave., Denham Springs, will be consolidated into 1010 S. Range Ave., Denham Springs
4901 General DeGaulle, New Orleans, will be consolidated into 3001 Holiday Drive, New Orleans
1501 Lapalco Blvd., Harvey, will be consolidated into 1855 Manhattan Blvd., Harvey
3804 Lapalco Blvd., Harvey, will be consolidated into 4301 Lapalco Blvd., Marrero
3535 Chateau Blvd., Kenner, will be consolidated into 3509 Williams Blvd., Kenner
8384 Jefferson Hwy, Harahan, will be consolidated into 6318 Jefferson Highway, Harahan
1105 S. Clearview Parkway, Jefferson, will be consolidated into 5200 Mounes St., Harahan
4011 Canal St., New Orleans, will be consolidated into 3311 Canal St., New Orleans
210 Baronne St., New Orleans, will be consolidated into 228 St. Charles Ave., New Orleans