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
Subscribe for full text news in your inbox