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Iberia Bank Buys Teche Federal
Posted on 1/13/14 at 9:54 am
Posted on 1/13/14 at 9:54 am
for anyone interested in local banking, looks like Iberia has purchased Teche.
"According to the press release, shareholders of Teche, which is the holding company for Teche Federal Bank, will receive 1.162 shares of IberiaBank’s common stock for each share of outstanding Teche common stock. Based on IberiaBank’s Jan. 10 closing stock price of $62.10, the merger has an estimated value of $161 million, the release notes, which translates into a 32 percent increase over Teche’s Jan. 10 closing stock price of $54.40."
LINK
"According to the press release, shareholders of Teche, which is the holding company for Teche Federal Bank, will receive 1.162 shares of IberiaBank’s common stock for each share of outstanding Teche common stock. Based on IberiaBank’s Jan. 10 closing stock price of $62.10, the merger has an estimated value of $161 million, the release notes, which translates into a 32 percent increase over Teche’s Jan. 10 closing stock price of $54.40."
LINK
4
Posted on 1/13/14 at 10:20 am to donRANDOMnumbers
Why do you think this happened?
Posted on 1/13/14 at 10:22 am to thibtigerfan
because Teche was a profitable little bank, and big banks buy profitable little banks.
Posted on 1/13/14 at 11:43 am to donRANDOMnumbers
Will teche banks turn into Iberia or stay teche
Posted on 1/13/14 at 12:05 pm to matsuflex
didn't see anything about that.
we have a Teche and Iberia across the street from us right next door to each other.
we have a Teche and Iberia across the street from us right next door to each other.
Posted on 1/13/14 at 12:49 pm to donRANDOMnumbers
This probably makes some sense for IB because of cost savings from redundant locations in some parts of the state.
Sucks for some employees though.
I don't know if there are any Tech banks located in Baton Rouge. Does anyone know?
Sucks for some employees though.
I don't know if there are any Tech banks located in Baton Rouge. Does anyone know?
Posted on 1/13/14 at 12:55 pm to LSURussian
They have a few in baton rouge according to their website
This post was edited on 1/13/14 at 12:55 pm
Posted on 1/13/14 at 1:03 pm to LSURussian
quote:
This probably makes some sense for IB because of cost savings from redundant locations in some parts of the state.
they also bought OMNI bank not but 2-3 years ago.
Posted on 1/13/14 at 1:47 pm to donRANDOMnumbers
quote:
quote:This probably makes some sense for IB because of cost savings from redundant locations in some parts of the state. they also bought OMNI bank not but 2-3 years ago.
and tried to buy whitney but wiffed.
Posted on 1/13/14 at 1:58 pm to matsuflex
quote:
Will teche banks turn into Iberia or stay teche
It'll be Iberia Bank.
They bought out Cameron State Bank in Lake Charles a couple of years ago.
Also a fun fact, the remnants of CSB were the only bank in America to get approved for new operations in 2010 when they established Lakeside Bank
Posted on 1/13/14 at 3:51 pm to whodatigahbait
quote:
and tried to buy whitney but wiffed.
I heard something a little different. Whitney turned IB down because IB had accepted TARP funds, and merging would affect golden parachutes for the whitney folks. Instead, whitney went with Hancock (who had bid less than IB).
Supposedly.
Posted on 1/13/14 at 3:56 pm to Smalls
quote:
I heard something a little different. Whitney turned IB down because IB had accepted TARP funds, and merging would affect golden parachutes for the whitney folks. Instead, whitney went with Hancock (who had bid less than IB).
This sounds about right.
Posted on 1/13/14 at 4:55 pm to Smalls
quote:
quote:and tried to buy whitney but wiffed. I heard something a little different. Whitney turned IB down because IB had accepted TARP funds, and merging would affect golden parachutes for the whitney folks. Instead, whitney went with Hancock (who had bid less than IB). Supposedly.
and what part of that isn't a whiff?
This post was edited on 1/13/14 at 4:57 pm
Posted on 1/13/14 at 4:55 pm to Smalls
nm
This post was edited on 1/13/14 at 4:57 pm
Posted on 1/13/14 at 5:00 pm to Smalls
quote:
I heard something a little different. Whitney turned IB down because IB had accepted TARP funds, and merging would affect golden parachutes for the whitney folks. Instead, whitney went with Hancock (who had bid less than IB).
Supposedly.
This. And Hancock has screwed the pooch.
Federal regulators are crawling all over their operation. The little bank from Gulfport does not know how to operate the Witney's portfolio up to federal regulator's expectations (industry practice).
Posted on 1/13/14 at 5:42 pm to Smalls
quote:
I heard something a little different. Whitney turned IB down because IB had accepted TARP funds, and merging would affect golden parachutes for the whitney folks. Instead, whitney went with Hancock (who had bid less than IB).
And because of that, Iberia has committed themselves to competing directly with Hancock in every market that they're in.
Posted on 1/22/14 at 11:16 am to donRANDOMnumbers
Is it normal to have multiple investigations done on a sell like this one? When I search for news on TSH, the only thing I get is law firm announcing that they are investigating Teche's board to see if they properly shopped the company before selling it.
Levi & Korsinsky LLP
Law Offices of Vincent Wong
Law Ofice of Brodsky & Smith, LLC
Former SEC Attorney Willie Briscoe and Powers Taylor LLP
Rigrodsky & Long, P.A.
Levi & Korsinsky LLP
Law Offices of Vincent Wong
Law Ofice of Brodsky & Smith, LLC
Former SEC Attorney Willie Briscoe and Powers Taylor LLP
Rigrodsky & Long, P.A.
Posted on 1/22/14 at 11:38 am to ashy larry
Its normal to have investigations like that.
Same thing happened with the Whitney/Hancock deal.
Same thing happened with the Whitney/Hancock deal.
This post was edited on 1/22/14 at 11:40 am
Posted on 1/22/14 at 11:45 am to AUtigerNOLA
Thanks. The investigations haven't affected the stock price so I assumed it was normal. I've got a small stake in TSH so I was just curious. Thanks! 
Posted on 1/22/14 at 5:32 pm to donRANDOMnumbers
Question for those in commercial banking:
Have two years experience at a "bigger" (relative to LA) bank as a credit analyst / portfolio manager including their 6 month credit training program.
What are the pro's / con's associated with working at "bigger" vs more neighborhood type banks. I want to eventually be in lending. I'm now interviewing with both and am interested in the smaller banks.
For any input, TIA.
Have two years experience at a "bigger" (relative to LA) bank as a credit analyst / portfolio manager including their 6 month credit training program.
What are the pro's / con's associated with working at "bigger" vs more neighborhood type banks. I want to eventually be in lending. I'm now interviewing with both and am interested in the smaller banks.
For any input, TIA.
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