Thu, Mar. 17, 4:22 PM
- Under the terms of the deal, each share of New England Bancorp (Bank of Cape Cod's parent) will be exchanged for 0.25 of a share of Rockland Trust parent Independent Bancorp (NASDAQ:INDB).
- The acquisition is expected to be accretive to 2017 EPS by about a nickel per share, and neutral to tangible book value.
- Founded in 2006, Bank of Cape Cid has about four branches, $214M in deposits, and $229M in loans.
- Based upon INDB's closing price yesterday, the deal value is $30.7M.
- Source Press release
May 15, 2013, 10:39 AM
Money continues to be made playing community bank consolidation, with Independent Bank Corp. (INDB -0.9%) inking a deal to purchase Mayflower Bank (MFLR +64.5%) in a cash/stock deal worth about $17.50/share. Independent estimates the deal with be about 1.5% accretive to earnings in 2014, and 2% thereafter, with an IRR of about 15%. (earlier this week) (PR)| May 15, 2013, 10:39 AM