NEW IBERIA, La. (AP) — Lafayette-based IberiaBank Corp.'s acquisition of Teche Holding Co. in New Iberia has been approved by Teche shareholders.

The Advocate reports Teche shareholders will receive 1.162 shares of common stock of IberiaBank Corp. for each share of Teche common 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.

Teche is the holding company for Teche Federal Bank, which operates 20 offices in southeast Louisiana.

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

Teche shareholders also approved on Thursday a nonbinding proposal for the compensation that Teche executives may be paid in connection with the merger.