Hancock Whitney Agrees to Buy Trustmark in $3.2 Billion Stock Merger

Hancock Whitney agreed Thursday to acquire Trustmark in a stock-only deal valued at about $3.2 billion, creating a combined bank with roughly $58 billion in assets.

Trustmark shareholders would receive 0.7463 Hancock Whitney shares for each common share they hold. At Hancock Whitney’s Nov. 11 closing price, that exchange ratio implied a value of $54.02 per Trustmark share.

The proposed ownership split gives Hancock Whitney shareholders about 65% of the combined company and Trustmark shareholders about 35%. The combined asset figure uses financial data dated Sept. 30, 2026. Trustmark had $19.1 billion in assets on that date.

The banks forecast a roughly 7% boost to Hancock Whitney’s projected 2028 earnings per share. They also estimate tangible book value per share would decline about 7%, with an estimated 2.8 years to recover that amount when merger expenses are counted. Their projections include $205.5 million in annual pretax expense savings on a run-rate basis and $250 million in pretax merger costs.

Hancock Whitney President and CEO John M. Hairston said, “This combination enhances our platform, expands growth opportunities, strengthens the core deposit franchise.”

The board is expected to gain five current Trustmark directors, including Trustmark President and CEO Duane Dewey. Trustmark branches and employees are expected to adopt the Hancock Whitney name and brand in late 2027.

Hancock Whitney completed its acquisition of OFB Bancshares, parent of One Florida Bank, on Aug. 1, before posting its third-quarter results. For the quarter ended Sept. 30, Hancock Whitney had net income of $110.1 million and GAAP earnings of $1.36 per diluted share. The quarter included $30.4 million in pretax acquisition-related items; adjusted earnings excluding those items were $1.66 per diluted share.

The companies expect to complete the merger late in the first quarter of 2027, subject to regulatory clearances, shareholder approval at both companies and other customary conditions.