Hancock Whitney is selling its consumer finance company Harrison Finance to First Tower Finance Company LLC of Mississippi. Financial terms of the deal have not been announced.
Harrison Finance operates 35 offices across Louisiana, Mississippi, Alabama and Florida. The company—offering automobile, home improvement and mortgage loans—has three Baton Rouge-area offices: on South Sherwood Forest Boulevard, Florida Boulevard and South Range Avenue in Denham Springs.
“Harrison Finance … had been a part of the company’s business plan when Hancock operated under a different set of strategic goals,” John M. Hairston, Hancock’s president and CEO, says in a statement. “As our company continues to grow and change, and as we execute on our updated strategic plans, the decision was made to sell the consumer finance company.”
The transaction, expected to close within 90 days, is subject to regulatory approvals. Harrison Finance has 137 employees and approximately $95 million of loans at year-end 2017.
