IberiaBank buying Teche Federal in $161 million stock deal

IberiaBank announced Monday that it will buy Teche Federal Bank, which has a branch in Eunice, in a stock deal valued at about $161 million.
IberiaBank is headquartered in New Iberia; Teche Federal operates out of Lafayette.
IberiaBank CEO Officer Daryl Byrd said at aa news conference that duplicate branches from either company could be closed, depending on which branch performs better.
He did not detail any proposed closings or layoffs.
There is no IberiaBranch location in Eunice or St. Landry Parish.
IberiaBank has 168 branches in Louisiana and five other states, as well as 21 title insurance offices and 62 locations with mortgage representatives.
Patrick Little, Teche chairman, president and CEO, said the deal provides near and long-term value for his shareholders
Under the purchase agreement, Teche shareholders will get 1.162 shares of IberiaBank common stock for each share of Teche common.
IberiaBank closed Friday at $62.10, meaning each Teche share under the agreement would be worth $72.16, about 32 percent ore than their closing price Friday.