• Oct. 20, 2016, 4:58 PM
    • The Martha's Vineyard lender was founded in 1905 and has about $171M in deposits and roughly $153M in loans. For Independent Bank's (NASDAQ:INDB) Rockland Trust, it's a natural expansion and strengthening of its Cape Cod franchise.
    • Edgartown National's parent's owners will receive either 9.525 shares of INDB or $500 in cash for each share of the parent they hold, with the mix to be 80% stock, 20% cash.
    • Independent sees the purchase as being $0.03-$0.04 accretive to 2018 EPS, with an IRR of about 20%, and neutral to tangible book value per share.
    Oct. 20, 2016, 4:58 PM
  • Mar. 17, 2016, 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.
    Mar. 17, 2016, 4:22 PM
  • 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