A share of the shares: The board of directors for Teche Holding Co.—the parent company of Teche Federal Bank—has authorized a stock repurchase program. Teche has adopted a plan to repurchase up to 3%, or approximately 62,000 shares, of the company’s common stock. The repurchase program is expected to be completed in 12-18 months. Teche Holding Co. President and CEO Patrick Little says the board of directors believes “adoption of a stock repurchase program provides us with an effective tool to manage our capital position in our efforts to enhance stockholder value. We believe this repurchase program will be in the best interests of the stockholders and the company.”
Beating the streets: The Department of Veterans Affairs says it will spend $6 million to open a new homeless center in New Orleans, to be located on the first floor of an addition to the downtown VA hospital. The center will be a place where veterans and homeless citizens can get help finding housing and health care services. The VA says it will work with other federal, state, local and community agencies on the project. New Orleans has one of the nation’s largest homeless populations, and officials say they’ll work aggressively over the next decade to end homelessness by getting more people on the streets into homes.
No placebo: Two New Orleans medical institutions are getting nearly $4 million in disaster grants for Hurricane Katrina damages from the Federal Emergency Management Agency. U.S. Sen. Mary Landrieu’s office says $2.27 million will pay for repairs made at the Tulane University Medical School building that was badly damaged by flooding and wind. The LSU Health Care Services Division Medical Center of Louisiana will receive $1.69 million to replace items that were previously thought to be salvageable, but that are now considered damaged beyond repair. They include 1,531 office workstations, furnishings for 552 patient rooms and 180 patient bed sheet sets.
Today’s poll question: Do you agree with the Metro Council’s unanimous approval of a sales tax rebate on Bayou Country Superfest tickets, benefiting festival organizers?
