LAKE JACKSON, Texas TDECU has agreed to acquire seven branches in greater Houston previously slated for closure along with $34 million of loans and $30 million of deposits at the branches from Hancock Bank, as part of a sell-off of assets of the company’s Whitney Bank unit.
Three of the branches are in Houston, one each in Katy, Pearland, Rosenberg and Sugar Land.
The deal comes as the $2-billion credit union, originally chartered as Texas Dow Employees' CU, is making a major push into the Houston market. It has completed deals for two Houston-area credit unions and their four branches, and an insurance agency, in the past two years.
“TDECU is committed to serving our members where they live and work,” said Stephanie Sherrodd , president of the credit union. “This transaction complements our current branches in the Houston area and further strengthens the credit union for the future. We look forward to a smooth transition for employees and account holders at each of these branches.”.
The branch deal, which is subject to regulatory approvals and certain closing conditions, is expected to be completed by year-end. Financial terms of the deal were not disclosed.
Hancock also is selling three branches in suburban New Orleans to Sabine State Bank in Many, La. As part of the branch acquisition, Sabine expects to acquire approximately $20 million in loans and to assume approximately $30 million in deposits.
Gulfport, Miss.-based Hancock announced plans in May to shutter eight of its 14 Houston branches 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.
Morgan Stanley acted as financial advisor to Hancock Holding.
