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Return to Mergers & Acquisitions

Deal Overview

Independent Bank Corporation
Actual Acquirer:
Independent Bank East Michigan
KSB Financial, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Common Stock ($M) 4.5
Common Stock Issued 225,500

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 156.00 156.00
Price / Tangible Book (%) 156.00 156.00
Price / Earnings (x) 13.27 14.85
Price / Deposits (%) 13.51 13.86
Price / Assets (%) 12.35 12.56
Tangible Book Premium/ Deposits (%) 5.06 5.32
Deal Terms
Description of Consideration

KSB Financial shareholders received 1.56x its book value in Independent Bank Corp common stock. Seller's financials are for Kingston State Bank.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 5.014800
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Bodman PLC