April 17, 2014 06:17 PM

Under the deal, Teche shareholders would get 1.162 shares of IberiaBank for each share of Teche stock.

NEW IBERIA, La. (AP) - Teche Holding Co. shareholders will decide whether to approve IberiaBank Corp.'s acquisition of the smaller company during a special shareholders meeting on May 28 in New Iberia.

Under the deal, Teche shareholders would get 1.162 shares of IberiaBank for each share of Teche stock.

Teche shareholders would receive about $161 million worth of IberiaBank stock, based on IberiaBank's closing price Jan. 10, the last trading day before the deal was announced.

The Advocate reports Teche board members already have unanimously approved the deal and recommended shareholders approve it.

IberiaBank officials have said they expect the merger to close during the second quarter.

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