Hancock Whitney Bank acquires Sabal Trust

Hancock Whitney has completed the acquisition of Sabal Trust Company, augmenting its wealth advisory portfolio by approximately $3 billion. This transaction pushes Hancock Whitney's total assets under management to over $49 billion. The move is part of Hancock Whitney's ongoing strategy to expand its private banking and wealth advisory business, particularly across Florida, where it aims to capture a growing segment of affluent clients.

The acquisition involved integrating Sabal's trust and asset-management assets, along with its advisory teams, into Hancock Whitney's operations. Sabal Trust, known as one of Florida's largest employee-owned trust firms prior to the acquisition, bolsters Hancock Whitney's capabilities in estate planning, succession planning, and wealth advisory. Key personnel from Sabal, including former CEO Bryant Jones, have assumed leadership roles within Hancock Whitney as it seeks to consolidate its presence along the Gulf Coast.

This strategic move underscores Hancock Whitney's focus on leveraging Florida’s economic growth, spurred by a migration trend towards the state. Regional President and Head of Commercial Banking Eric Obeck highlighted that the acquisition strengthens Hancock Whitney's capacity to serve high-net-worth clients and business owners facing liquidity events, ownership transitions, or seeking private equity opportunities. The bank's efforts aim to provide a comprehensive suite of services, effectively retaining commercial and personal financial relationships within its larger organizational ambit.

In the broader context, Hancock Whitney's acquisition of Sabal Trust positions the bank to compete more aggressively in the regional wealth management market. As local and regional lenders vie for dominance amid an influx of new wealth into Florida, Hancock Whitney's expanded capabilities in trust and estate planning are expected to aid its pursuit of the middle-market segment. The bank's footprint now extends robust service coverage across Florida, Alabama, Louisiana, Mississippi, and Texas.

Looking forward, integration efforts continue to bring Sabal's operations fully under Hancock Whitney's umbrella. With key leadership roles filled by former Sabal executives, the bank aims to ensure a seamless transition. As Hancock Whitney cements its expanded private wealth operations, it maintains a keen eye on capturing the lucrative opportunities presented by rising economic activity and demographic shifts across its operating regions.