IBERIABANK, Teche Federal Bank To Merge
IBERIABANK announced Jan. 13 an agreement with Teche Federal Bank to acquire the company via merger for $161 million.
"They've done a good job in creating a great franchise, and we are very proud to be associated with them," said IBERIABANK president and CEO Daryl Byrd at a press conference announcing the merger.
As per the agreement, Teche shareholders will receive 1.162 shares of IBKC common stock for each share of Teche stock outstanding. TSH closed at $54.50 on Jan. 10 and peaked at $70.95 on Monday after the announcement.
Between the two banks, "about eight" branches in Lafayette, New Iberia and Baton Rouge are within a mile from one another, Byrd said, although he did not put a number on projected layoffs.
"I have an idea, but I really want to be careful in trying to put numbers around that until we get farther in the process and we have a chance to identify what positions are gonna become available," Byrd said.
Teche has 20 commercial bank branches in South Louisiana, and IBERIABANK has 264 combined offices across Louisiana, Arkansas, Tennessee, Alabama, Texas and Florida.
"For IBERIABANK, Acadiana, the timing's right," said IBERIABANK's Lafayette, New Iberia and community markets president Jerry Vascocu. "We've got leadership, we've got teammates that are prepared for this, and I think the clients and the community will see a positive impact."