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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Target:
Midwest Guaranty Bancorp, Incorporated
Deal Type:
Bank & Thrift Company
Agreement Date:
2/4/2004
Announcement Date:
2/4/2004
Announced Deal Value ($ M):
43.00
Status:
Completed
Completion Date:
5/31/2004
Announced Deal Value Per Share ($ )
43.46

Consideration Breakout
Cash ($M) 17.2
Common Stock ($M) 25.8
Common Stock Issued 997,700

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 246.55 237.32
Price / Tangible Book (%) 246.55 237.32
Price / Earnings (x) 19.66 19.01
Price / Deposits (%) 22.24 22.72
Price / Assets (%) 18.41 18.28
Tangible Book Premium/ Deposits (%) 16.15 16.46
Deal Terms
Description of Consideration

Independent Bank Corp. paid $17.3824 in cash and $26.0736 in stock for each share of Midwest Guaranty.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 23,037
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 2,039
Est. Restructuring Charges ($ 000) 2,075
Maximum Termination Fee ($ 000) 500
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
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) 4,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Sheshunoff & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Bracewell LLP

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