Hancock Whitney Strengthens Wealth Management with Sabal Trust Acquisition
- Hancock Whitney acquires Sabal Trust Company to enhance its wealth management division and expand in the Florida market.
- The acquisition aims to build a skilled advisory team across the Gulf South, boosting wealth management capabilities.
- Hancock Whitney expects positive financial impacts from the acquisition, enhancing its Internal Rate of Return and Return on Invested Capital.
Hancock Whitney Expands Wealth Management Footprint with Sabal Trust Acquisition
Hancock Whitney Corporation takes a significant step in bolstering its wealth and asset management division by announcing the acquisition of Sabal Trust Company, a non-depository trust firm based in St. Petersburg, Florida. This strategic move is particularly relevant as it comes amid the rapid growth of the Florida market, which is increasingly becoming a focal point for financial services. John M. Hairston, President and CEO of Hancock Whitney, highlights the potential for this acquisition to forge a highly skilled advisory team across the Gulf South region. This skilled team is expected to enhance the firm's wealth management capabilities, ultimately driving fee income and fostering deeper relationships in various banking services, including private and wholesale banking.
Sabal Trust Company, recognized as Florida's largest independent, employee-owned trust company, operates from four locations in the greater Tampa and Orlando areas. The firm has reported revenues of $22.1 million for the fiscal year ending December 31, 2024, and manages approximately $3 billion in assets. The acquisition is not just a growth strategy; it is anticipated to positively impact Hancock Whitney's GAAP EPS, excluding one-time costs. The company expects the transaction to meet or exceed its benchmarks for Internal Rate of Return (IRR) and Return on Invested Capital (ROIC). The deal, pending regulatory approvals and customary conditions, is projected to close in the second quarter of 2025.
With a legacy that extends back to the late 1800s, Hancock Whitney offers a broad array of financial services across the Southeastern United States, including banking, trust, and investment services. The acquisition of Sabal Trust marks a pivotal moment in Hancock Whitney's continued expansion in the competitive wealth management sector. This strategic alignment not