by Lance Turner
Posted 1/13/2014 12:37 pm
Updated 7 months ago
IberiaBank of Lafayette, La., is announcing a $161 million deal to buy Teche Holding Co., of New Iberia, La.
From the news release:
IBERIABANK Corporation(NASDAQ: IBKC) ("IBKC"), holding company of the 126-year-old IBERIABANK(www.iberiabank.com) and Teche Holding Company(NYSE – MKT: TSH) (" Teche"), holding company of New Iberia, Louisiana-based Teche Federal Bank(www.teche.com) jointly announced today the signing of a definitive agreement for IBKC to acquire Techevia merger. The proposed merger of Techewith and into IBKC has been approved by the Board of Directors of each company and is expected to close in the second quarter of 2014. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Teche'sshareholders.
Patrick Little, Chairman, President, and Chief Executive Officer of Teche, commented, "Over the last 80 years, our financial institution successfully navigated many challenges and opportunities. We are very proud of our Acadiana heritage and the successful financial performance we have delivered for shareholders since we went public nearly 19 years ago. We believe this combination with IBKC provides tremendous value to our shareholders in both the near-term and long-term."
In its report, The Advocate says the deal "will result in a significant consolidation of overlapping branch operations." How the merger will affect jobs or individual branches isn't yet known.
IberiaBank, which entered Arkansas in 2006 through its purchases of Pocahontas Bancorp. and Pulaski Bank and Trust, has more than 260 offices in