Trustmark bought by Hancock Whitney.
- Thread starter ronpolk
- Start date
I graduated from MSU in 1988 in Banking & Finance. The 4 major banks in Mississippi at that time were Deposit Guaranty, Trustmark, Bank of Mississippi, & Sunburst. 40 years later all of them will be GONE.
Sunburst was purchased by Union Planters which was purchased by Regions
Deposit Guaranty purchased by AmSouth which was purchased by Regions
Bank of Mississippi became BancorpSouth purchased by Huntington
Trustmark now purchased by Hancock Whitney
Sunburst was purchased by Union Planters which was purchased by Regions
Deposit Guaranty purchased by AmSouth which was purchased by Regions
Bank of Mississippi became BancorpSouth purchased by Huntington
Trustmark now purchased by Hancock Whitney
Man, I guess it was inevitable. But I love Trustmark. They have been hands down the best local bank in central MS for years. Hoping for minimal change.
Agreed they are a good bank. I know a lot of people over there. I know a lot of people at HW too and they are a good bank as well. I think most people will be happy.
The one thing I worry about is the potential back office jobs that HW will eliminate from trustmark. It’s not like there is an abundance of those type jobs in Jackson for these people to pivot to.
John Hairston, the CEO is an MSU Chemical Engineering grad. A really good fellow and unbelievably smart. For those that don't know (which is probably nobody on this board, but it bears stating), Hancock Bank was led by Leo Seal prior to his retirement. That's when John stepped in.
Yea, that's probably not going to be great for them over time. By my guess is that that shows up more in reduced opportunity going forward where new spots aren't opened up with attrition rather than actual layoffs. Seems like these mergers don't result in immediate layoffs like they used to. It stood out that Huntington was upfront about people in Tupelo losing their jobs.
Bank manager in Starkville did me a major solid when I was a freshman.
Apparently your balance on your ATM slips don't reflect the checks that are out floating; who knew**** definitely not this dumb arse freshman. Extremely embarrassing when she asked what my major was and I told her Banking & Finance.
She waived all the overdraft fees and personally called all the vendors and asked them to run the checks through again. I'll never forget the level of kindness, grace and understanding that she provided to a stupid scared broke freshman.
Haha. In college I once paid $112 for a domino's pizza because they kept running the OD check through.
I could not be more thrilled from a daily perspective, but I do hate that it will probably affect folks jobs. From a corporate banking perspective, I can't describe how bad Trustmark has been. Any talent they have has left for other banks, their systems are dated, and they genuinely seem clueless. The last 2 years, its been a rotating door on personnel resulting in a lack of poor results that I am surprised has been allowed in banking. This has been my experience as probably a top 5 customer of theirs.
I am surprised it took this long. I think they have been coasting for 2 years in hopes of this. This is just my perspective. If you were just a residential customer, they are probably fine. I would have my doubts as elementary tasks seemed VERY difficult on the corporate side though.
I am surprised it took this long. I think they have been coasting for 2 years in hopes of this. This is just my perspective. If you were just a residential customer, they are probably fine. I would have my doubts as elementary tasks seemed VERY difficult on the corporate side though.
Hancock is good and they may go with the operations center approach for some back office stuff and have some in different locations, but there will most definitely be job losses there either way
Looking forward to AI putting aLL banks out of business. That is an inefficiency that is long overdue for replacement
Yep, they've probably been worried about where their next $1 was coming from...............Congrats to them though!
I remember John and his wife Ann who was also ChemE. IIRC, John was in the hall following my Heat Transfer class telling us about the Challenger explosion.
I have friends that work there and Trustmark has done 2 major system conversions in the last few years (first loan system and then deposit) and I don’t think either of them have gone well.
Yep, they have not went well at all. They are still having having issues.
I have my theory that they probably took their old systems all the way up to the date that they had to covert to the new (probably hoping they would be bought out by then) and then just went live hoping for the best. They did no testing and had us do no testing and then didn't even tell us that they had went live with a new system. Absolute crapshow and they couldn't deliver any of the reports we needed, loans balances were all over the place, and once even asked us about what amount we think we should have. I still can't really believe they were able to get away with some of this.
And guess which systems Hancock Whitney runs? It's the ones Trustmark changed to. This has been in the making for several months. Client of mine talked to the president of a local bank in Mississippi this morning. The guy said signs had been pointing to this merger for a while now.
Yeah, screw people and their stupid jobs!
Why are banks the largest buildings in every city or town or village? Because they steal from everyone
You should definitely whistleblow on this.**
They’re pretty deeply regulated. If they’re stealing… then they should be held accountable.
Good luck. Pretty sure the basic strategy is to identify smaller companies that are successful, acquire them, and then see how much they can change and piss off the customers that made the smaller company successful. Must be a brilliant strategy, happens a lot. Seems to be very prevalent in the banking world.
Definitely. If they were going to be bought, I think this is the best possible scenario for Mississippi.
After reading all the comments on here about Huntington's recent Renasant merger issues makes me want to just close my Trustmark accounts before they merge and open them up elsewhere
So where is Hancock Whitney headquartered now? I looked at website and it doesn’t really say. I wasn’t sure who the “surviving bank” was as after their “merger”.
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