(Photo courtesy of The Advocate newspaper)
Last Modified: Wednesday, April 02, 2014 11:08 AM
LAFAYETTE — IberiaBank Corp. plans to lay off 97 workers at Teche Federal Bank’s corporate headquarters in New Iberia. That’s according to documents filed Monday with the Louisiana Workforce Commission.
The layoffs are the result of IberiaBank’s acquisition of Teche Holding Co., the holding company for Teche Federal. The Advocate reports the layoffs are scheduled to take place in various departments in two two-week periods. The first begins May 31 and the second begins on June 30.
Lafayette-based IberiaBank announced a $161 million stock deal for Teche Federal in January. Teche shareholders must approve the deal, but a date has not been set for the vote.
In January, IberiaBank said the deal would generate pre-tax savings of $19 million a year, with $11.4 million of that from reductions in employee compensation and benefits.
The combined company was expected to result in significant consolidation. The companies’ corporate offices lie 30 miles apart, and eight of Teche’s 20 branches lie within a mile of an existing IberiaBank branch, according to an investor presentation filed with the U.S. Securities and Exchange Commission.
The overlap affects all four of Teche’s branches in Lafayette, all three in New Iberia and one of three in Baton Rouge.