LAKE JACKSON, Texas--(BUSINESS WIRE)--TDECU-Your Credit Union announced today it has signed a purchase agreement to acquire seven retail branch locations in the greater Houston (Texas) market from Hancock Holding Company (NASDAQ: HBHC). Hancock Holding Company is the parent company of Whitney Bank. As part of the branch acquisition, TDECU expects to acquire approximately $34 million in consumer and real estate loans and to assume approximately $30 million in deposits.
“TDECU is committed to serving our members where they live and work. This transaction complements our current branches in the Houston area and further strengthens the credit union for the future. We look forward to a smooth transition for employees and account holders at each of these branches,” said Stephanie Sherrodd, TDECU President and CEO.
The branch locations to be acquired by TDECU are:
- 3800 SW Fwy. Ste. 100, Houston, Texas
- 6348 Woodway, Houston, Texas
- 5102 Richmond Ave., Houston, Texas
- 24250 Cinco Ranch Blvd., Katy, Texas
- 9915 Broadway, Pearland, Texas
- 24706 SW Fwy., Rosenberg, Texas
- 2109 State Hwy 6, Sugar Land, Texas
The branch sales, which are subject to regulatory approvals and certain closing conditions, are expected to be complete by year-end 2013.
Locke Lord LLP acted as legal advisor to TDECU.
Founded in 1955, TDECU is a not-for-profit financial cooperative with over 176,000 members and more than $2 billion in assets. TDECU currently has 32 service locations, including 25 branches, and offers a complete selection of convenient, innovative, and competitive products and services, including a full suite of deposit products as well as mortgage, auto and personal loan products, online and mobile banking. TDECU also offers, through its subsidiaries, retirement planning and wealth management, personal and business insurance products, and full title and realty services. Members can also access a nationwide network of over 50,000 surcharge-free ATMs. For more information visit TDECU.org or call 800.839.1154.