IBERIABANK Corp. (IBKC), the holding company of IBERIABANK, acquired Teche Holdings Co. and Teche Federal Bank May 31, both of which are based in New Iberia, La.
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Daryl Byrd, president and chief executive officer of IBKC and IBERIABANK, said, “We are very excited about the completion of this acquisition and the synergies this acquisition will generate for the constituents of both the former Teche franchise and our legacy franchise.”
Under the terms of the agreement and plan of merger, shareholders of Teche shall receive 1,162 shares of IBKC 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 the 15-trading-day period ended May 27, which was $61.94.
This is the second recent acquisition by IBKC.
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As of March 31, Teche had total assets of $864 million, $705 million in gross loans and $654 million in total deposits. At the same time, IBKC had total assets of $13.6 billion, shareholders’ equity of $1.6 billion and a tangible common equity ratio of 8.61 percent.
IBKC is a financial holding company with 171 bank branch offices and four loan production offices, 22 title insurance offices in Arkansas and Louisiana, and mortgage representatives in 60 locations in 11 states.