Whitney Bank of Gulfport, Miss., is selling its consumer finance subsidiary, Harrison Finance Co., to First Tower Finance Co. LLC.
The terms of their deal were not disclosed, but the transaction is expected to close within 90 days, pending regulatory approvals.
Harrison Finance had approximately $95 million in loans at the end of 2017. Whitney Bank, a subsidiary of Hancock Holding Co., had $27.27 billion in assets. The sale's impact has yet to be included in Hancock's earnings guidance.
Sandler O'Neill & Partners LP and Wachtell Lipton Rosen & Katz served as the seller's financial adviser and legal counsel, respectively.