Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Falmouth Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/8/2004
Announcement Date:
1/8/2004
Announced Deal Value ($ M):
36.94
Status:
Completed
Completion Date:
7/16/2004
Announced Deal Value Per Share ($ )
37.56

Consideration Breakout
Cash ($M) 18.7
Common Stock ($M) 18.0
Common Stock Issued 586,903

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 193.3 196.1
Price / Tangible Book (%) 193.3 196.1
Price / Earnings (x) 58.7 NM
Price / Deposits (%) 25.38 26.45
Price / Assets (%) 22.23 23.10
Tangible Book Premium/ Deposits (%) 14.48 15.15
Deal Terms
Description of Consideration

Independent paid $38.00 in cash or issued 1.28 shares for each share of Falmouth, subject to 50% of Falmouth's shares being exchanged for stock.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 18,843
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 1,600
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.280000
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) 2,251
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Legg Mason Wood Walker Inc.
Seller Yes KeyBanc Capital Markets Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Choate Hall & Stewart LLP
Seller Yes Thacher Proffitt & Wood