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Executives at 106-year-old and at 87-year-old New Orleans-based independent insurance agency, (JEE), announced they have signed a definitive agreement that would allow Hancock Bank to acquire JEE as a division of Hancock Insurance Agency, a subsidiary of Hancock Bank. The acquisition is expected to be complete in mid-summer 2005.

According to the anticipated terms of the agreement, Hancock will acquire JEE in an all-cash transaction. The post-purchase entity will retain the name J. Everett Eaves and become an affiliate of Hancock Insurance Agency. Additionally, JEE plans to maintain its existing agency team and operational structure, including its current Poydras Center and Covington offices.

Established in 1899 on the Mississippi Gulf Coast, Hancock Bank entered the New Orleans market with a legacy as a Gulf South financial leader committed to understanding and serving local communities.

Hancock Insurance Agency, founded in 1902, is a wholly owned subsidiary of Hancock Bank. Independent Insurance Agents & Brokers of America recently named Hancock Insurance Agency a “Best Practices” agency.

JEE, founded in 1918, provides complete insurance needs for individuals and businesses and representing some of the nation’s most successful carriers, including St. Paul/Travelers, CNA and Zurich. JEE, with current revenues of $3.9 million and 29 employees, has offices in New Orleans and the Northshore.

Last year, Hancock acquired Ross-King-Walker Inc., a well-known Hattiesburg, Miss.-based property and casualty insurance firm.

Topics Mergers & Acquisitions