Hancock Whitney agrees to acquire OFB Bancshares, parent of One Florida Bank, for $377.6m

Hancock Whitney Corporation, the parent of Hancock Whitney Bank, agreed on 15 May 2026 to acquire OFB Bancshares, the parent of Orlando-based One Florida Bank, in an all-cash transaction valued at about USD 377.6 million.

At 31 March 2026, One Florida Bank had total assets of USD 2.1 billion, total loans of USD 1.7 billion and total deposits of USD 1.9 billion. It operates six financial centres, five in the greater Orlando area and one in the Florida Panhandle.

FLORIDA EXPANSION

Hancock Whitney, headquartered in Gulfport, Mississippi, had USD 35.5 billion in total assets before the deal and operates 186 locations across five states along the Gulf. The acquisition is expected to increase its Florida-based loans and deposits by about 30%.

“This transaction represents a significant step in our long-term growth strategy, expanding our footprint into one of the most dynamic and high-growth markets in the country,” said John M. Hairston, President and Chief Executive of Hancock Whitney. Rick Pullum, President and Chief Executive of One Florida Bank, said: “We are proud of the franchise we've built in the Orlando market, grounded in strong client relationships and community engagement.”

APPROVALS STILL REQUIRED

The transaction is subject to regulatory approval and the approval of OFB Bancshares shareholders, who are due to vote at a meeting in July, and is expected to close in the third quarter of 2026. Hancock Whitney expects the deal to be immediately accretive to earnings per share under US GAAP, excluding one-time costs. It expects to incur a one-time pre-tax expense of about USD 30 million and to achieve annual cost savings of about USD 15.8 million.

Raymond James & Associates acted as financial adviser and Wachtell, Lipton, Rosen & Katz as legal counsel to Hancock Whitney. Piper Sandler & Co. was financial adviser and Smith Mackinnon, PA legal counsel to OFB Bancshares.