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VOL. 129 | NO. 9 | Tuesday, January 14, 2014

IberiaBank to Buy Teche Federal Bank

AP

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LAFAYETTE, La. (AP) — 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, tells The Advocate (http://bit.ly/1lVflNm ) 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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 307 5,073
MORTGAGES 101 483 6,709
FORECLOSURE NOTICES 22 77 1,556
BUILDING PERMITS 0 720 11,979
BANKRUPTCIES 84 341 5,300
BUSINESS LICENSES 36 125 2,061
UTILITY CONNECTIONS 152 594 7,058
MARRIAGE LICENSES 36 117 1,458

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