Fitch Rates Whitney National Bank's $150MM Sub Debt Issuance 'BBB'.NEW YORK -- Fitch Ratings has assigned a debt rating of 'BBB' to the $150 million subordinated debt issuance of Whitney National Bank Whitney National bank is a regional community banking institution headquartered in New Orleans, Louisiana. Founded in 1883, it is the oldest continuously operating bank in New Orleans and a major player in the Gulf South banking industry. (WNB WNB Will Not Be WNB Welsh National Board for Nursing, Midwifery and Health Visiting ). All other ratings of its parent company, Whitney Holding Corporation (WTNY), and Whitney National Bank have been affirmed. The long-term Issuer Default Rating (IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) is 'BBB+' and the Rating Outlook is Stable. (A complete list is provided at the end of this release.) Following the devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. impact of last year's hurricanes, WTNY has performed well, despite a modest up-tick in non-performing assets (NPAs). Reflecting its position in the New Orleans market, WTNY should benefit from loan growth driven by the hurricane-related rebuilding efforts. Additionally, insurance payouts and their related deposits have caused additional balance sheet growth as well as a boost to the net interest margin (NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see ). While still heavily exposed to the New Orleans area, the company's previous acquisitions have provided a certain degree of geographic diversity. Fitch rates the following, with a Stable Outlook: Whitney National Bank -- Subordinated debt 'BBB'. Fitch affirms the following, with a Stable Outlook: Whitney Holding Corporation -- Long-term Issuer Default Rating (IDR) 'BBB+' -- Short-term Rating 'F2' -- Individual tating 'B/C' -- Support '5'. Whitney National Bank -- Long-term IDR 'BBB+'; -- Long-term Deposits 'A-'; -- Short-Term Rating 'F2'; -- Short-Term Deposits 'F2'; -- Individual Rating 'B/C'; -- Support '5'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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