Liz Heffler’s Journey at Hancock Whitney Bank

Liz Heffler, a New Orleans local, joined Whitney Bank in 2004, shortly after graduating from the University of Virginia. Fast forward nearly 22 years, and she’s now the president of Hancock Whitney in New Orleans, a title she earned following a merger with a Mississippi bank in 2011.

The regional bank, valued at $35 billion, is based in Gulfport, Mississippi, serving areas from Florida to Texas. Interestingly, about a third of its 3,600 employees are in New Orleans, with a significant portion working in the downtown location at 701 Poydras St. Heffler’s office boasts a stunning view of her hometown.

Given its size and connections with major local businesses, Hancock Whitney has a unique edge in understanding the economy’s pulse through their commercial lending activities.

Observations on the Local Market

In a recent discussion, Heffler shared insights about the local economic landscape and stressed the need for New Orleans to enhance its economic growth.

“Hancock Whitney supports numerous large organizations in the area. We can easily spot who’s thriving,” she noted. “The start of the year has seen quite a bit of activity over the past 40 days. It’s typical for this time of year, but it seems like we’ve been inundated with requests for quick term sheets since July.”

She mentioned a notable uptick in maritime-related projects, including terminal activities and operations linked to liquefied natural gas. This encompasses a variety of contractors and suppliers, even those involved in laying new pipes.

Industry Insights and Emerging Projects

Heffler mentioned other businesses engaged in projects around a metadata center close to Monroe and the Hyundai Steel Factory in Donaldsonville, calling these initiatives transformative for those involved.

When asked about loan activity, she identified hospitality, maritime, healthcare, and higher education as the key sectors. “Tulane and Loyola are making significant investments in on-campus housing. There’s been research suggesting that students who live on campus for all four years tend to have a better overall college experience and maintain ties as alumni,” she explained.

However, commercial real estate is facing challenges. While they have financed several hotels, many downtown properties lack local ownership. For instance, Heffler noted that their building is owned by a group from Dallas, which complicates local engagement.

Obstacles to Investment

Heffler pointed out that the current office space dynamics are tricky. “Our building has ten vacant floors. The return-to-office trend isn’t universal across industries,” she remarked.

On the topic of investment challenges, she highlighted the upcoming mayoral election, expressing hope that a new leader might be more receptive to local businesses. “It’s vital to have someone who listens and engages with newcomers,” she said.

Demand for Predictability

She also brought up customs duties. While business owners often have an adventurous spirit, there’s a pressing need for certainty in the market. “Tariffs aren’t catastrophic, but having clear numbers allows people to gauge profitability,” she stated.

Impact of Technology on Banking

Heffler discussed how consumer expectations are evolving. “People want transparency. When they log into their accounts, they expect easy access to data, like spending summaries. Frustration arises if they encounter too many clicks to complete simple transactions,” she observed.

Furthermore, she noted the shrinking number of banks over the past decade due to rising tech costs, particularly challenging for smaller institutions.

Artificial Intelligence and Its Acceptance

While AI has been around for a while, increase in acceptance has been noticeable recently. Heffler reflected, “A decade ago, monitoring tools seemed intrusive. But now, most people seem comfortable with personalized experiences.”

She highlighted the substantial investment banks make in fraud protection technology, as it helps safeguard against unusual activity in transaction histories.

Plans for Hancock Whitney’s Growth

Heffler emphasized the bank’s active pursuit of growth, noting, “We’re the only regional bank headquartered locally and are looking for acquisition opportunities. Recently, we expanded our services by acquiring a wealth management company in Florida.”

However, she acknowledged that New Orleans is losing population, making it unsustainable if new businesses don’t emerge. “We strive to increase market share yearly, focusing on consumer accounts and supporting smaller business initiatives,” she said.

Preparing for Hurricane Season

Addressing the challenges of hurricane season, she provided advice on preparation. “It’s crucial to understand your insurance and have digital copies accessible,” she noted.

She also recommended that businesses prepare financially. “Ensure your team has access to direct deposit and can process payments electronically. Clear communication of your plans is essential for maintaining operations,” Heffler concluded.