Disclaimer

You are now leaving the Independent Bank website. Linked web pages are not under the control of Independent Bank, its affiliates or subsidiaries. Be aware the privacy policy of the site to which you are going may differ from that of Independent Bank. Independent Bank provides external links as a convenience and is not responsible for the content or security of any linked web page.

Click "OK" to continue or "Cancel" to go back

Ok Cancel
Menu
Search
Locations
Login

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corporation
Actual Acquirer:
Independent Bank Corporation
Target:
Mutual Savings Bank, FSB
Deal Type:
Bank & Thrift Company
Agreement Date:
3/24/1999
Announcement Date:
3/24/1999
Announced Deal Value ($ M):
61.60
Status:
Completed
Completion Date:
9/15/1999
Announced Deal Value Per Share ($ )
14.60

Consideration Breakout
Common Stock ($M) 52.0
Common Stock Issued 3,600,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 173.40 144.18
Price / Tangible Book (%) 173.40 144.18
Price / Earnings (x) 23.93 16.23
Price / Deposits (%) 14.64 12.20
Price / Assets (%) 10.91 9.06
Tangible Book Premium/ Deposits (%) 6.56 3.79
Deal Terms
Description of Consideration

Mutual Savings Bank shareholders received 0.80 share of Independent Bank common stock for each share of common held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 4,300
Maximum Termination Fee ($ 000) 300
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.800000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 9.8100
% of Shares Outstanding 19.90
Shares Under Option 857,654
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stifel Nicolaus & Co.
Seller Yes McConnell Budd & Romano Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Varnum LLP
Seller Yes Schiff Hardin LLP

Top