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Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank East Michigan
Target:
Thumb National Bank & Trust Company
Deal Type:
Bank & Thrift Company
Agreement Date:
12/21/1994
Announcement Date:
12/21/1994
Announced Deal Value ($ M):
13.60
Status:
Terminated
Completion Date:
1/23/1995
Announced Deal Value Per Share ($ )
128.07

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 186.25 NA
Price / Tangible Book (%) 186.25 NA
Price / Earnings (x) 21.97 NA
Price / Deposits (%) 15.39 NA
Price / Assets (%) 14.04 NA
Tangible Book Premium/ Deposits (%) 7.31 NA
Deal Terms
Description of Consideration

Thumb shareholders would have received 5.2812 shares of Independent common for each share held. The exchange ratio was collared around Independent stock prices of $18.50 and $26.50.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
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 Yes
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Deutsche Bank Securities Inc.
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Werner & Blank LLC

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