IberiaBank completes Teche acquisition _lowres

Advocate staff photo by BRYAN TUCK -- IberiaBank in Lafayette has grown to be the largest bank based in Louisiana with more than $15 billion in assets, primarily by acquiring other institutions. Its latest in-state acquisition was Teche Federal in nearby New Iberia, but its also been aggressively acquiring out-of-state banks to become a regional player in the industry.

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.