Whitney Buying American Bank in $63-Mil Stock Swap

HOUSTON-Whitney Holding Corp. has agreed to acquire American Bank of Houston, in a stock swap deal valued at $63 million.

The American Bank, which has approximately $280 million in assets, operates seven banks in the Houston area. The transaction, which requires approval by American Bank shareholders and federal banking regulators, is expected to be completed in early 2001.

Whitney National Bank is the principal subsidiary of Whitney Holding, a New Orleans-based firm. Whitney has 118 banks along the Gulf Coast, stretching from the Florida Panhandle to Houston. Whitney also has two other acquisitions in the works: the Alabama-based Prattville Financial Services Corp. and its Bank of Prattville subsidiary, and the First National Bank of Gonzales, LA.