独立银行和企业Bancorp以5.62亿美元签署合并协议

2024-12-09 22:03

Independent Bank (NASDAQ:INDB), parent of Rockland Trust Company, and Enterprise Bancorp (NASDAQ:EBTC), parent of Enterprise Bank and Trust Company, have signed a definitive merger agreement pursuant to which Enterprise Bancorp will merge into Independent Bank and Enterprise Bank will merge into Rockland Trust.
The cash and stock transaction for total consideration is valued at ~$562M, or $45.06 per share.
EBTC shareholders will receive 0.60 shares of INDB and $2.00 in cash for each share of EBTC they hold.
INDB anticipates issuing ~7.5M shares and paying an aggregate amount of $27.1M in cash in the merger.
The merger is expected to close in the second half of 2025.
Following the merger, Rockland Trust will have ~$25B in assets and $8.7B in wealth assets under administration.
The merger is expected to be ~16% accretive to INDB’s earnings per share in 2026.
Combined merger-related charges are expected to be ~$61.2M before tax, in the aggregate.
As part of the transaction, INDB plans to raise ~$250M in subordinated debt prior to the transaction closing.
INDB shares were up 1% in premarket trading on Monday.
Source: Press Release

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