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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Target:
TCSB Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
12/4/2017
Announcement Date:
12/4/2017
Announced Deal Value ($ M):
60.46
Status:
Completed
Completion Date:
4/1/2018
Announced Deal Value Per Share ($ )
24.90

Consideration Breakout
Common Stock ($M) 62.1
Common Stock Issued 2,710,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 184.60 179.70
Price / Tangible Book (%) 202.22 195.88
Price / Earnings (x) 23.74 20.90
Price / Deposits (%) 20.64 22.01
Price / Assets (%) 17.43 18.43
Tangible Book Premium/ Deposits (%) 11.79 12.38
Deal Terms
Description of Consideration

Independent Bank Corp. exchanged 1.1166 shares of its common stock for each of the outstanding share of TCSB Bancorp Inc. Independent Bank Corp. also assumed TCSB Bancorp Inc.'s Debt Securities. Target financials are for Traverse City State Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 28,300
Estimated Cost Savings (%) 31.00
Estimated Cost Savings ($ 000) 3,327
Est. Restructuring Charges ($ 000) 3,400
Maximum Termination Fee ($ 000) 2,530
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.116600
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 5,798
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes ProBank Austin
Seller Yes D.A. Davidson & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Warner Norcross & Judd LLP

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