The merger between Teche Federal Bank and IberiaBank is one step closer to finalization after Teche shareholders approved the buyout deal at a meeting held Thursday.
|Teche Federal's Patrick Little|
According to a press release issued Thursday, Teche shareholders also approved a compensation package to be paid out to the company’s executive officers. The release did not include specifics of the compensation package.
Yet, a look at Teche’s annual shareholder report gives an idea of how much the company’s top execs will take away from the deal. For President and CEO Patrick Little, the buyout will mean a payout of about $18.49 million, and that’s just for the stock portion and excludes any additional compensation offered by IberiaBank.
As part of the buyout, valued at $161 million, shareholders of Teche common stock will receive 1.162 shares of IberiaBank common stock for each share of outstanding Teche common stock.
Teche currently operates 20 locations throughout eight parishes, and so far, IberiaBank officials have announced 97 layoffs of Teche employees and possibly eight branch closures due to overlapping locations.