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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Target:
North Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/4/2004
Announcement Date:
3/4/2004
Announced Deal Value ($ M):
8.53
Status:
Completed
Completion Date:
7/1/2004
Announced Deal Value Per Share ($ )
16.00

Consideration Breakout
Common Stock ($M) 8.5
Common Stock Issued 345,391

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 112.20 213.84
Price / Tangible Book (%) 112.20 213.84
Price / Earnings (x) NM NM
Price / Deposits (%) 5.47 6.28
Price / Assets (%) 4.30 4.94
Tangible Book Premium/ Deposits (%) 0.83 4.63
Deal Terms
Description of Consideration

Independent Bank Corp. issued $16.00 in stock for each share of North Bancorp, which was subject to downward adjustment if North Bancorp's equity dropped below $3.8 million.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 2,806
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 3,600
Est. Restructuring Charges ($ 000) 1,025
Maximum Termination Fee ($ 000) 500
Minimum Termination Fee ($ 000) 0
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) 2,240
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Oppenheimer & Co.
Seller Yes Donnelly Penman & Partners Inc
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Bodman PLC

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