Iberia Bank Buys Teche Federal

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."

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