Amid a global economic downturn and what could be one of the worst market days in nearly 40 years, Mississippi-based Hancock Whitney experienced some unfortunate timing in their celebration of 125 years of business.
Hancock Whitney Corporation, the parent company of Hancock Whitney Bank, rang the Nasdaq bell to open the stock exchange in New York City on Monday ahead of their 125th anniversary in October. It comes as global markets fell sharply, with some experts projecting the downturn could worsen.
Representatives of Hancock Whitney Bank, including President & CEO John M. Hairston, Chairman of the Board of Directors Jerry L. Levens, and other executive management, rang the bell to honor Hancock Whitney on America’s second-largest exchange.
“This bell-ringing honors Hancock Whitney’s founders; past and current dedicated associates who have carried on the core values at the heart of Hancock Whitney; and shareholders, clients, and communities for their continued confidence and trust,” the company said in a statement before the market opened Monday in disarray.
Hancock Bank, then Hancock County Bank, was founded in 1899 in Bay Saint Louis and officially merged with Whitney Bank of New Orleans in 2011. After starting with $10,000 in capital in 1899, it has grown to hold over $35 billion in assets, employ over 3,000 people, and operate over 200 financial centers across five states. The company offered its public stock in 2016.
The ceremony was a shimmer of positivity in an otherwise bleak environment. The Dow Jones Industrial Average toppled 1,000 points, while the Nasdaq Compositive and S&P 500 cratered 5% and 3.7%, with Japanese exchange Nikkei dropping 12.4% — the worst overall drop since “Black Monday” in 1987.
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