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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 This material may not be published, broadcast, rewritten or redistributed.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 80 335 6,440
MORTGAGES 99 359 7,661
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 198 787 14,096
BANKRUPTCIES 55 235 4,809
BUSINESS LICENSES 29 124 2,464
UTILITY CONNECTIONS 37 222 5,118
MARRIAGE LICENSES 16 82 1,542

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