Rockland Trust scoops up Bank of Cape Cod

|By:, SA News Editor

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

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