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Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Whitney Holding Corporation
Commission File No. 000-01026
Joint Press Release of Whitney Holding Corporation and Prattville Financial
Services Corporation
[WHITNEY LOGO]
WHITNEY HOLDING CORPORATION
228 ST. CHARLES AVENUE
NEW ORLEANS, LA 70130
NEWS RELEASE
CONTACT: Thomas L. Callicutt, Jr. FOR IMMEDIATE RELEASE
504/552-4591 September 5, 2000
WHITNEY TO ACQUIRE FIRST ASCENSION BANCORP, INC.
New Orleans, Louisiana. Whitney Holding Corporation (NASDAQ-WTNY)
announced today that it has entered into a definitive agreement to acquire First
Ascension Bancorp, Inc. ("First Ascension"), whose principal subsidiary is First
National Bank of Gonzales, Louisiana. First National Bank of Gonzales has
approximately $93 million in total assets in four locations in Gonzales and
Prairieville in Ascension Parish, which is the third fastest growing parish in
Louisiana. After the acquisition, First National Bank of Gonzales will be merged
with Whitney National Bank, the principal subsidiary of Whitney Holding
Corporation.
The acquisition, which is structured as a tax-free merger of First
Ascension with and into Whitney Holding Corporation, has an estimated value of
approximately $22.1 million and is expected to be accounted for as a purchase.
The acquisition is subject to certain conditions, including approval by
appropriate regulatory agencies, and is expected to be completed in the fourth
quarter of 2000.
Kevin J. Schexnayder, President and Chief Executive Officer of First
Ascension, said, "Whitney brings many of the advantages of a larger banking
organization to our customers and employees, while remaining committed to
personal banking relationships and to the communities it serves. We look forward
to becoming part of the Whitney organization."
William L. Marks, Chairman and Chief Executive Officer of Whitney said,
"First National Bank of Gonzales is well known to us as a competitor in the
Ascension Parish market. This in-market acquisition will allow us to double
Whitney's Ascension Parish market share, combining the valued customer
relationships cultivated by First National Bank of Gonzales with Whitney's
existing relationships to better serve all our customers."
Whitney Holding Corporation, through its banking subsidiaries Whitney
National Bank and Bank of Houston, has 118 banking locations in the five-state
Gulf Coast region stretching from Houston, Texas; across southern Louisiana and
the coastal region of Mississippi; to central and south Alabama; and into the
panhandle of Florida.
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To the extent that this press release contains statements that are not
historical facts, they should be considered forward-looking statements. Various
important factors that might cause future results to differ from such
forward-looking statements are described in more detail in Whitney's filings
with the Securities and Exchange Commission.
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