First NBC Bank Holding Company (NASDAQ: FNBC) ("First NBC" or "the company") today announced that its Board of Directors has appointed Carl J. Chaney as Chief Executive Officer, effective upon regulatory approval. Mr. Chaney will succeed Hermann "Buck" Moyse, III, who has served as Interim Chief Executive Officer of First NBC Bank and First NBC Bank Holding Company.
Mr. Chaney has more than 30 years of leadership experience in the banking and financial services sector with a proven track record of building high-performing businesses. He served in numerous roles at Hancock Holding Company during the course of a 17-year tenure, including as its Chief Executive Officer, President and Director. During Mr. Chaney's tenure as CEO from 2006 to 2014, Hancock significantly grew its assets from $6 billion to $21 billion, executed on a $50 million efficiency and process improvement initiative that achieved its results three quarters ahead of schedule and acquired New Orleans-based Whitney Bank in a $1.5 billion stock transaction.
"We are pleased to announce the addition of Carl as our next CEO, who has a proven track record and invaluable industry experience," said Shivan Govindan, First NBC's Chairman of the Board. "We look forward to benefitting from Carl's contributions and leveraging his expertise to strengthen First NBC's operational foundation, maintain and grow our customer relationships and enter the next chapter in First NBC's history. On behalf of the entire Board, I would also like to thank Buck for serving as interim Chief Executive Officer and express our appreciation that he will continue to serve as a member of our Board."
"I am honored to join First NBC, a company with a strong history and commitment to making a positive contribution to the local economy as one of Louisiana's leading community banks," said Mr. Chaney, "First NBC has taken significant steps over the last few months to enhance value and I look forward to continuing to take actions to best position the Company for long-term success. I am excited to begin working with the rest of the talented team to further develop and execute our strategy and strengthen First NBC's operational foundation."
As previously announced, First NBC entered into a definitive agreement with Whitney Bank to sell approximately $1.3 billion in loans and nine First NBC Bank branches to Whitney Bank. The terms of the transaction will provide First NBC with an estimated premium of $44 million and total cash liquidity in excess of $200 million to First NBC upon completion. The transaction remains on track to close by the end of the first quarter of 2017 and will also result in an increase in available funding under the company's available credit facilities.