June 2, 2014 / 8:07 PM / in 4 years

Fitch Affirms and Withdraws Whitney Bank's (Louisiana) 'BBB+' Ratings

(The following statement was released by the rating agency) CHICAGO, June 02 (Fitch) Fitch Ratings has affirmed and withdrawn Whitney Bank's (Louisiana) ratings at 'BBB+' as the entity no longer exists. A full list of rating actions follows at the end of this release. KEY RATING DRIVERS - IDRS, VRs, AND SENIOR DEBT The bank's charter was recently merged into Hancock Bank's (Mississippi) charter; thus Whitney Bank (Louisiana) no longer exists. At the same time, Hancock Bank (Mississippi) was renamed Whitney Bank (Mississippi). This was done to allow the company to continue operating under the dual brands of Whitney Bank in Louisiana and Texas and Hancock Bank in Mississippi, Alabama and Florida. Fitch notes that the subordinated debt formerly issued by Whitney Bank (Louisiana) was moved over to the Hancock Bank (Mississippi) charter. However, the issuer name did not change. Furthermore, the long-term deposits and short-term deposits at Whitney Bank (Louisiana) were also moved to Hancock Bank (Mississippi). RATING SENSITIVITIES - IDRS, VRs, AND SENIOR DEBT Rating sensitivities are no longer relevant given today's rating withdrawal. KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR Whitney Bank's (Lousiana) Support Rating and Support Rating Floor of '5' and 'NF' reflect Fitch's view that the company is unlikely to procure extraordinary support should such support be needed. KEY RATING SENSITIVITIES - SUPPORT RATING AND SUPPORT RATING FLOOR Rating sensitivities are no longer relevant given today's rating withdrawal. Fitch has affirmed and withdrawn the following ratings: Whitney Bank (Louisiana) --Long-term IDR at 'BBB+'; --Viability at 'bbb+'; --Short-term IDR at 'F2'; --Support at '5'; --Support floor at 'NF'. Contact: Primary Analyst Bain K. Rumohr, CFA Director +1-312-368-3153 70 West Madison, Chicago, IL 60602 Secondary Analyst Justin Fuller, CFA Senior Director +1-312-368-2057 Committee Chairperson Christopher Wolfe Managing Director +1-212-908-0771 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria and Related Research: --'2014 Outlook: U.S. Banks' (Nov. 21, 2013) --'U.S. Banks: Liquidity and Deposit Funding' (Aug. 8, 2013) --'U.S. Banks: Interest Rate Risks (What Happens When Rates Rise)' (June 18, 2013) --'U.S. Bank Mergers and Acquisitions -- When Will The Catalysts Kick In?' (July 11, 2013) --'Fitch Fundamentals Index 1Q14' (April 15, 2014) --'Risk Radar Global - 1Q14' (April. 1, 2014) --'Global Financial Institutions Rating Criteria (Jan. 31, 2014) --Assessing and Rating Bank Subordinated and Hybrid Securities Criteria' (Jan. 31, 2014) --'Rating FI Subsidiaries and Holding Companies' (Aug. 10, 2013). Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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