Hancock’s Whitney Agreement Has $50 Million Fee If Deal Falters

Hancock Holding Co., which agreed yesterday to buy Whitney Holding Corp. for about $1.5 billion to expand banking operations in the U.S. South, may be entitled to a $50 million termination fee if the target backs out.

Hancock may have to pay the same amount if it withdraws from the agreement, the Gulfport, Mississippi-based lender said in a regulatory filing today.

To contact the reporter on this story: Noah Buhayar in New York at Nbuhayar@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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