Here’s Why Shares of Whitney Holding Corp. Bank are Up 28%

Shares of Gulf Coast bank Whitney Holding Corp. (NASDAQ:WTNY) are ringing the register after Hancock Holding Co. (NASDAQ:HBHC) said it will buy the bank for ~$1.5 billion. Hancock said it will repurchase all Whitney’s Trouble Asset Relief Program (TARP) preferred stock and warrants at closing. The U.S. Treasury must be smiling about that.

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Disclosure: No positions.

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