Red River Bank buys former Teche branch on Essen

Alexandria-based Red River Bank has purchased the former Teche Federal branch at 5603 Essen Lane in Baton Rouge for $2.4 million in a sale that closed Tuesday.

Red River said the site became available after IberiaBank acquired Teche. Red River has five Baton Rouge locations and plans to open its sixth, the Essen Lane branch, in January. Red River is planning to build a branch in the Acadian-Perkins Plaza shopping center that will open sometime in 2015.

Red River has 19 branches in Louisiana, including four in both Alexandria and Shreveport.

Mathew Laborde of Beau Box Commercial Real Estate represented Red River Bank in the sale, while Hank Saurage of Saurage Rotenberg Commercial Real Estate represented the seller.

The 4,385-square-foot bank building was built in the past two years, Laborde said. Teche bought the site in April 2012 from Whitney Bank and Hancock Bank and demolished the aging branch that had been located there.

On Monday, Teche sold a 5,900 square foot branch at 529 N. Lewis St., in New Iberia to JD Bank of Jennings for $740,000. Laborde represented both the buyer and the seller.