- Key insight: Hancock Whitney in Gulfport, Mississippi, has signed a definitive agreement to acquire OFB Bancshares in Orlando, Florida, marking another step in its Sunshine State expansion push.
- Supporting data: Post-acquisition, Hancock Whitney will have more than $37 billion of assets.
- Forward look: The deal, which is Hancock Whitney’s first bank acquisition in seven years, is projected to close during the third quarter.
Hancock Whitney Corp. in Gulfport, Mississippi, plans to acquire OFB Bancshares in Orlando, Florida, in a deal that offers the buyer entry into one of the fastest-growing metro regions in the country.
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The all-cash transaction, which was announced Friday, builds on Hancock Whitney’s existing Florida footprint and better positions it to compete with large and regional banks already doing business in the Orlando market, the company said in a press release.
The deal would increase Hancock Whitney’s Florida loans and its Sunshine State deposits by more than 30% each.
The pending acquisition — which would be Hancock Whitney’s first bank acquisition in seven years — is part of the company’s strategy to expand in fast-growing Florida. It’s one of the few bank mergers or acquisitions to be announced since the U.S. and Israel initiated attacks on Iran in late February. Prior to the strikes, 2026 was expected to be a busy year for bank M&A, possibly eclipsing the brisk pace of M&A activity in 2025.
The $2.1 billion-asset OFB is the parent company of One Florida Bank, which operates five branches in the Orlando market and one in the Florida Panhandle. The deal, which is expected to close during the third quarter, is valued at $377.6 million.
“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,” Hancock Whitney CEO John Hairston said in the release. “Orlando offers attractive demographics, strong economic fundamentals, and meaningful opportunities to deepen client relationships.”
Post-acquisition, Hancock Whitney will have more than $37 billion of assets. The regional bank currently has 186 branches in the Southeast, with nearly 100 in Louisiana, according to the Federal Deposit Insurance Corp. In Florida, it has 32 branches, mostly on the Gulf Coast.
The latest acquisition marks Hancock Whitney’s second Florida-based deal in a year. Last year, it
OFB is the 10th largest deposit-holder in the Orlando metro area, trailing the likes of Truist Financial, which is No. 1 in deposits in the region, as well as Bank of America, JPMorganChase and Wells Fargo, according to the FDIC. As of March 31, OFB’s loans totaled $1.7 billion, and its deposits were $1.9 billion, according to a presentation outlining the sale.
Though Hancock Whitney’s stock price fell by 2.5% in mid-afternoon trading Friday, analyst reaction to the deal was favorable.
Stephen Scouten, a Piper Sandler analyst, said in a research note that “OFB represents a compelling Florida expansion.” He cited the selling bank’s diversified loan book, asset quality that “appears pristine” and profitability that “has been on a strong upward trajectory,” with return on assets increasing from 0.80% in 2023 to 1.18% in the first quarter of 2026.
Scouten posed two forward-looking questions about Hancock Whitney in the wake of the deal announcement. First, should investors expect “more bite-sized M&A,” and second, how will the bank approach its remaining share repurchases?
In December, Hancock Whitney announced a plan to repurchase 5% of its common outstanding shares this year. It bought back 1.4 million shares in the first quarter.
“We would expect that this $377.6 million capital deployment is in lieu of incremental share repurchases, but we will look for more color from management in the days ahead,” Scouten said.
As part of the deal, Rick Pullum, president and CEO of One Florida Bank, will lead the Orlando, Jacksonville and Florida Panhandle markets for Hancock Whitney, according to the deal presentation. Retention agreements are in place for “other key employees,” the presentation stated, though it did not provide names.
In addition to regulatory approval, the transaction must be approved by OFB shareholders. OFB will hold a special meeting in mid-July, Pullum said Friday in a letter to shareholders.
