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Return to Mergers & Acquisitions

Deal Overview

Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Pioneer Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Consideration Breakout
Cash ($M) 4.6

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 121.55 119.39
Price / Tangible Book (%) 121.55 119.39
Price / Earnings (x) 12.68 15.38
Price / Deposits (%) 11.56 13.79
Price / Assets (%) 10.46 12.29
Tangible Book Premium/ Deposits (%) 2.18 2.41
Deal Terms
Description of Consideration

IBCP paid 1889 Bancorp an $800,000 premium to book value for its unit, Pioneer Bank. The premium plus half of Pioneer's book value will be held inescrow to reimburse IBCP against losses on a designated portfolio of loans.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) (1,017)
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) 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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes W.Y. Campbell & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Fraser Trebilcock Davis & Dunl