Hancock Whitney has agreed to acquire Trustmark in an all-stock transaction valued at approximately $3.2 billion, combining two Mississippi-headquartered banking companies into an institution with approximately $58 billion in assets.
The combined bank will operate across six Southeastern states. The companies expect the transaction to close late in the first quarter of 2027, subject to regulatory approvals, approval from both companies’ shareholders and customary closing conditions.
Under the agreement, Trustmark shareholders will receive 0.7463 Hancock Whitney shares for each share they own. The transaction value is based on Hancock Whitney’s November 11, 2026, closing share price.
Hancock Whitney shareholders are expected to own approximately 65% of the combined company, with Trustmark shareholders holding approximately 35%.
The companies project approximately 7% accretion to Hancock Whitney’s estimated 2028 earnings per share. They also expect approximately 7% dilution to tangible book value per share, with an earn-back period of about 2.8 years, including merger expenses. Regulatory capital is expected to experience mild dilution at closing.
Five Trustmark directors, including President and CEO Duane Dewey, will join Hancock Whitney’s board. Trustmark branches and employees are expected to transition to the Hancock Whitney brand upon conversion in late 2027.
The combination will expand the resources available for investment in growth markets while broadening consumer and business banking capabilities. Hancock Whitney also plans to establish a Central Mississippi Advisory Board and maintain Trustmark’s local community relationships.
Trustmark had $19.1 billion in assets as of September 30, 2026.
Support: Raymond James is advising Hancock Whitney financially, with Wachtell, Lipton, Rosen & Katz providing legal counsel. Goldman Sachs is advising Trustmark, alongside legal advisors Covington & Burling and Brunini, Grantham, Grower & Hewes.
KEY QUOTES:
“We are pleased to welcome Trustmark to the Hancock Whitney organization. By bringing together two high-performing banks with shared values, complementary capabilities, and a relentless focus on client success, we create an organization that is stronger as one. This combination enhances our platform, expands growth opportunities, strengthens the core deposit franchise, and broadens the capabilities we deliver to consumer and business clients.”
John M. Hairston, President And CEO Of Hancock Whitney
“We and Hancock Whitney have long held a shared commitment to exceptional client service and relationship banking. Given the strong cultural alignment and complementary business lines between our two organizations, we believe this transaction will generate substantial value and meaningful benefits for our customers, shareholders, associates, and communities.”
Duane Dewey, President And CEO Of Trustmark
