Lafayette

Mar 27, 2014 4:41 PM by Dave Fields

Layoff process is underway as Iberia-Teche merger nears closing

The layoff process is underway in the lead-up to the closing of Iberia Bank's merger with Teche Federal, a bank spokesperson confirmed Thursday.

In preparation for the anticipated closing in late May of the merger between the two banks, both companies have begun a "formulaic" process that could lead to a reduction of what a bank spokesperson termed "redundant positions."

"Most displacements will occur after the legal closing," said Beth Ardoin, communications director for Iberia Bank. Ardoin confirmed that the displacement process may already have begun within Iberia Bank, but that eliminated positions would not occur immediately. Teche officials were not available to confirm to KATC whether or not layoffs had begun within its operation.

Ardoin indicated that department heads currently are interviewing within their respective departments to determine the most qualified applicants for each position. In some cases, applicants from one bank may displace an applicant from the other, Ardoin said.

"Some positions will be eliminated since Iberia Bank and Teche have redundant operations and a similar footprint," Ardoin said.

Ardoin clarified that both banks will continue as separate entities until the merger becomes official.

"Iberia Bank and Teche will continue to operate separately until legal closing," Ardoin stated. Ardoin added that, following the merger, it will take about a month for the conversion process to be completed.

"Signs will change and clients can begin using former Teche branches after the systems are converted, which is expected to occur at the end of June," Ardoin also noted that, following the conversion process, the merged institution would be known as Iberia Bank.

Ardoin expressed to KATC that Iberia Bank would be diligent while engaging in the reduction process.

"IBERIABANK has committed to interview every Teche associate and will offer jobs to the most qualified candidates for redundant positions," emphasized Ardoin.

 

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