IberiaBank completes Teche acquisition

IberiaBank Corp. in Lafayette has completed its acquisition of Teche Holding Co. and its Teche Federal Bank subsidiary, both based in New Iberia.

The $161 million acquisition, including the merger of Teche Federal Bank into IberiaBank, was completed on Saturday.

Shareholders of Teche will receive 1.162 shares of IberiaBank Corp. common stock for each outstanding share of Teche common stock. The number of IBKC shares to be issued in the merger is based on the average trading price of IBKC common stock during a 15 trading day period ended May 27, of $61.94.

Teche had total assets of $864 million on March 31. IberiaBank had total assets of $13.6 billion.

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