Whitney Bank, (Gulfport, MS) acquired First NBC Bank from First NBC Bank Holding Company (OTCPK:FNBC.Q) on April 28, 2017. Under the agreement, Whitney acquired approximately $1.6 billion in deposits, primarily transaction and savings accounts, and purchased approximately $1 billion in cash, securities, loans, and other assets, primarily at book value, for a transaction premium of $35 million. Under the agreement, the FDIC made a payment to Whitney Bank of approximately $600 million. These amounts are subject to adjustments based upon final settlement with the FDIC pursuant to the agreement. Under the agreement, Whitney will continue to operate the former FNBC banking premises for a period of time. Whitney will have the right for a 90 day period to purchase at fair market value any owned FNBC banking premises and will have the right for a 60 day period to assume the leases for any leased premise. The acquired branch locations will re- open for normal business as Whitney Bank in Louisiana and Hancock Bank in Florida, on Saturday, April 29, 2017 or Monday, May 1, 2017, depending on each location's customary business hours. At the time of closing, the receiver immediately transferred all transactional deposit accounts—checking, savings, NOW, and money market—of First NBC Bank to Whitney Bank. Whitney Bank will reopen all 29 branches of First NBC Bank for normal business hours as Whitney Bank in Louisiana (24 branches) and as Hancock Bank In Florida (five branches). Depositors with transactional accounts of First NBC Bank will automatically become depositors of Whitney Bank. As of December 31, 2016, First NBC Bank had approximately $4.74 billion in total assets. Morgan Stanley & Co. LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Hancock. Federal Deposit Insurance Corporation was appointed as the receiver for First NBC Bank in the transaction. Whitney Bank, (Gulfport, MS) completed the acquisition of First NBC Bank on April 28, 2017.