SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 27, 1998
HANCOCK HOLDING COMPANY
(Exact name of registrant as specified in its charter)
Mississippi 0-13089 64-0169065
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification
incorporation) Number)
One Hancock Plaza
Gulfport, Mississippi 39501
(Address of principal executive offices) (Zip code)
(228) 868-4000
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
On August 18, 1998, Hancock Holding Company issued a press release
regarding the termination of the pending merger of American Security Bancshares,
Inc.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99. Press Release issued by Hancock Holding
Company dated August 18, 1998, headed
"Hancock Holding Company Announces
Termination of Louisiana Merger."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 18, 1998
HANCOCK HOLDING COMPANY
By:
/s/ Leo W. Seal, Jr.
Chairman of the Board,
President and Chief
Executive Officer
Exhibit 99 to Hancock Holding Company Form 8-K
HANCOCK HOLDING COMPANY
FOR IMMEDIATE RELEASE FOR MORE INFORMATION
August 18, 1998 Leo W. Seal, Jr.
President and Chief Executive Officer
Carl J. Chaney
Chief Financial Officer
(228) 868-4727
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HANCOCK HOLDING COMPANY ANNOUNCES TERMINATION OF LOUISIANA
MERGER
GULFPORT, MS --- On April 14, 1998, Hancock Holding Company (Hancock) entered
into an agreement for the acquisition of American Security Bancshares of Ville
Platte, Inc. (American Security), Ville Platte, Louisiana, and its subsidiary,
American Security Bank (ASB). On June 17, 1998, Hancock was notified that ASB
had failed to renew a lease of one of its branch locations, which accounted for
approximately 17% of its total deposits and approximately 32% of its total loans
at March 31, 1998.
Hancock determined that American Security would not be able to comply
with the terms of the agreement, due in part to the loss of the lease by
American Security. Hancock began discussions with American Security to determine
a solution to resolve these issues, including a possible mutual termination of
the agreement.
On July 27, 1998, American Security filed a lawsuit against Hancock
seeking, among other things, specific performance of the merger agreement.
American Security asserts that Hancock does not have the right to terminate the
agreement and that Hancock has breached the agreement by asserting that it is
terminated.
Hancock denies the assertions and intends to vigorously pursue all
remedies available to it. However, there can be no assurance that Hancock will
prevail in such litigation.
The parent company of Hancock Bank Mississippi and Hancock Bank of
Louisiana, Hancock Holding Company operates 80 full-service offices and over 100
automated teller machines through banks in South Mississippi and Louisiana.
Company subsidiaries include Hancock Mortgage Corporation, Harrison Finance
Company and Hancock Investment Services, Inc.
Hancock Holding Company (NASDAQ/NMS:HBHC) common stock is listed on the
Nasdaq Stock Market, Inc., under the symbol HBHC and in the Nasdaq newspaper
quotations under the abbreviation HancHd.
