Posted: Jan 13, 2014 11:24 AM
Source: Associated Press
LAFAYETTE - Lafayette-based IberiaBank Corp. will acquire New Iberia-based Teche Federal Bank under a stock deal valued at $161 million.
Under the agreement announced Monday, Teche shareholders will receive 1.162 shares of IberiaBank common stock for each share of Teche common stock. Based on IberiaBank's Friday closing price of $62.10, each Teche share would be worth $72.16 or 32 percent more than Teche shares closed at Friday.
Patrick Little, Teche chairman, president and chief executive officer, says the deal provides "tremendous" near- and long-term value to Teche shareholders.
Teche Federal has 20 branches: four in Lafayette, three in New Iberia, Baton Rouge and Houma-Thibodaux, two in Franklin and five others. Teche has $857 million in assets.
IberiaBank has 264 locations in six states.