On April 28th, First NBC Bank closed its doors after 11 years serving Louisiana.
How will this affect your small business?
1. Current First NBC locations will open under the Whitney Bank brand.
Whitney Bank will reopen all 29 branches of First NBC Bank for normal business hours as Whitney Bank in Louisiana (24 branches) and as Hancock Bank in Florida (5 branches). In December of 2016, Whitney Bank acquired 9 First NBC locations and some of its loans, worth $1.3 billion.
2. No Depositor will lose any money.
All transactional deposit accounts (checking, savings, NOW, and money market) have been transferred to Whitney Bank and will be available immediately. If you have a problem with a merchant refusing to accept your check, please contact your branch office. An account representative will clear up any confusion about the validity of your checks.
3. Whitney Bank will begin the process of evaluating overlapping locations.
What does this mean? It could be as simple as shuffling some of the 600 First NBC employees to other Whitney locations. However, there is a possibility that Whitney will consolidate and/or close First NBC locations in which they already have a strong presence. If you had a First NBC banker that you kept in touch with regularly about your business, reach out to that individual to confirm that he or she will still be available
4. If your business had an account at First NBC and used TSYS for payment processing, you might have some work to do during the transition..
First NBC had a strategic partnership with TSYS, and many of its business accounts used TSYS for its payment processing solutions. Business owners might have to amend their routing and account number to insure that TSYS is sending the funds to the right place. It is critical that you refer any questions you have about your account to a Whitney banker. Precision Payment Systems represents TSYS.
5. Don’t expect any major changes… for now.
Whitney Bank has said that it will conduct a thorough and thoughtful conversion planning process regarding changes in accounts or prices and rates. While this may not effect your account in the short term, expect some changes to occur in the coming months.
Precision Payment Systems has strong working relationships with several Whitney Bankers, if you need to speak to anyone about the transition, we will point you in the right direction.
If you have any questions or concerns about payment processing solutions for your business, email info@precisionpaymentsystems.com or call 504-434-0998 for a complimentary business consultation.
