Hancock Whitney Corp. (HWC) announced on Tuesday that its wholly-owned subsidiary, Hancock Whitney Bank, has reached an agreement to acquire Sabal Trust Co., a non-depository trust company located in St. Petersburg, Florida. The financial terms of the agreement have not been made public.
This acquisition aims to enhance Hancock Whitney's wealth and asset management capabilities in Florida's high-growth market.
The transaction is anticipated to immediately contribute positively to the company's adjusted earnings per share (EPS), when excluding one-time costs. Additionally, it meets or exceeds the company's established criteria for Internal Rate of Return (IRR) and Return on Invested Capital (ROIC).
Sabal Trust Co. operates in four locations across the Tampa and Orlando metropolitan areas, which will help increase Hancock Whitney's market presence in investment management and trust services within these rapidly expanding regions.
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to finalize in the second quarter of 2025.
