Hancock Holding Co. subsidiary Whitney Bank is selling its Harrison Finance consumer finance company to First Tower Finance Co. LLC.
The price was not disclosed.
“Harrison Finance, which was started in 1984, had been a part of the company’s business plan when Hancock operated under a different set of strategic goals," said John M. Hairston, president and CEO.
Harrison Finance operates 35 offices located across Louisiana, Mississippi, Alabama and Florida. It had 137 employees and about $95 million of loans at year-end 2017. The impact of this transaction is not included in the near or long-term guidance provided with Hancock’s fourth quarter 2017 earnings.