Teche charter conversion completed
NEW IBERIA — Teche Holding Co., the parent company of Teche Federal Bank, completed its conversion from a federally chartered savings bank to a Louisiana chartered commercial bank earlier this year.
The Commissioner of the Office of Financial Institutions of the State of Louisiana and the Federal Deposit Insurance Corp. regulates the bank.
As a result of the charter conversion, the Board of Governors of the Federal Reserve System has replaced the Office of Thrift Supervision as the federal regulator for Teche Holding Co.
“This is a significant and positive change for our bank in light of the Dodd-Frank Act, which made certain changes that removed most of the advantages of our savings bank charter,” Teche Holding Co. President and CEO Patrick Little said. “We also believe there is a significant advantage to being a commercial bank and having a local, Louisiana-based regulator who understands and lives in our market area.
“Additionally, we expect our annual regulatory assessment to decrease by approximately $100,000, a significant annual savings for our shareholders,” Little added. “There will be no changes to our name, our directors, officers or employees or in the bank’s FDIC insurance coverage. Rates and terms of all loans and deposits will not change as a result of the charter conversion.”
Teche Federal Bank operates 19 offices in south Louisiana and serves over 60,000 customers. It is the fourth largest publicly traded bank holding company based in Louisiana with over $782 million in assets.