NEW YORK (Thomson Financial) - Whitney Holding Corp. Monday said it would
merge with Parish National Corp. in a cash and stock transaction.
Under the terms of the agreement, Parish shareholders will receive about
$165 million in cash or Whitney stock, though not more than 60% of the total
consideration will be paid in cash.
Whitney said the deal would be finalized in the fourth quarter of 2008.
Shares of Whitney closed Friday at $21.17. The stock is down 30% over the
past 52 weeks.
Ryan Vlastelica
rv/tk1
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