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FUNDRAISING NEWS | January 21, 2025
Tags: RIA, Mergers / Acquisitions
Hancock Whitney Bank on January 21 announced it has agreed to acquire Sabal Trust, a St. Petersburg, FL-based wealth manager with $3B in client assets.
In addition to St. Petersburg, Sabal operates offices in Sarasota, Tampa, and The Villages. John Hairston, president and CEO of the acquiring bank’s parent Hancock Whitney Corp., said in a statement that acquisition will help expand the company's wealth and asset management business in “the high-growth Florida market.” Sabal reportedly generated revenues of $22.1M in 2024 on AUM of $3B.
According to its website, Sabal is the largest independent, employee-owned trust company in Florida and provides trust administration, investment management, retirement planning, estate settlement, and family office services. The firm employs a staff of 52, adding significant scale to Hancock Whitney Investment Services, which as of its most recent Form ADV filed in March 2024 employed a team of 45 managing $218.8M in regulatory assets.
Financial terms of the transaction, which is expected to close in the second quarter subject to regulatory approvals, were not disclosed. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Hancock Whitney on the transaction.
Written By: Dakota
December 17, 2024
January 22, 2025
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