LAKE JACKSON, TX (October 31, 2013) -- TDECU-Your Credit Union has announced it has agreed to purchase an eighth retail branch location from Hancock Holding Company (NASDAQ: HBHC). Hancock Holding Company is the parent company of Whitney Bank, and had previously designated the branch for closure. As outlined in the transaction details, TDECU will only purchase the real estate located at 1410 Research Forest Drive in Shenandoah, Texas, just north of Houston in The Woodlands.
In mid-July 2013, TDECU announced the purchase of seven retail branch locations in the greater Houston market from Hancock Holding Company. All locations being acquired by TDECU are undergoing remodeling and will re-open as TDECU branches later this year.
“The addition of the Woodlands branch location complements our other locations in the Houston area, and will enable the credit union to better serve our members in this region. We are working with Whitney Bank to ensure a smooth transition at the acquired locations,” said Stephanie Sherrodd, TDECU President and CEO.
The branch sales, which are subject to regulatory approval and certain closing conditions, are expected to be complete by year-end 2013.
Advisors
Locke Lord LLP acted as legal advisor to TDECU.
About TDECU
Founded in 1955, TDECU is a not-for-profit financial cooperative with 178,000 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.