MergerMay 19, 2026, 05:32 PM
Hancock Whitney to Acquire OFB Bancshares for $29.273/Share
AI Summary
Hancock Whitney Corporation has entered into a definitive Agreement and Plan of Merger to acquire OFB Bancshares, Inc. for $29.273 per share in cash. The transaction, approved by both companies' boards, will involve a two-step merger of OFB Bancshares into a Hancock Whitney subsidiary, followed by the merger of One Florida Bank into Hancock Whitney Bank. The completion of the merger is contingent upon regulatory approvals and the approval of OFB Bancshares' shareholders, with a significant portion of shareholders already committed to voting in favor.
Key Highlights
- Hancock Whitney Corporation entered into a Merger Agreement to acquire OFB Bancshares, Inc. on May 15, 2026.
- Each share of OFB Bancshares common stock will be converted into the right to receive $29.273 per share in cash.
- OFB Bancshares stock options will be converted into cash based on the $29.273 per share value.
- The transaction involves a two-step merger of OFB Bancshares into a Hancock Whitney subsidiary, followed by a bank merger of One Florida Bank into Hancock Whitney Bank.
- Completion is subject to regulatory approvals from the Federal Reserve, FDIC, Florida Office of Financial Regulation, and Mississippi Department of Banking.
- OFB Bancshares shareholders must approve the Merger Agreement.
- Shareholders representing approximately 23% of OFB Bancshares common stock have committed to vote in favor of the merger.
- A termination fee of $15,000,000 is payable by OFB Bancshares under certain circumstances related to alternative proposals.
Price Impact