Mergers & Acquisitions

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Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
MNB Bancorp
Deal Type:
Bank & Thrift Company
Agreement Date:
5/29/2018
Announcement Date:
5/29/2018
Announced Deal Value ($ M):
54.33
Status:
Completed
Completion Date:
11/14/2018
Announced Deal Value Per Share ($ )
273.23

Consideration Breakout
Cash ($M) 13.7
Common Stock ($M) 41.8
Common Stock Issued 528,353

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 203.7 204.2
Price / Tangible Book (%) 203.7 204.2
Price / Earnings (x) 41.4 49.9
Price / Deposits (%) 18.04 18.53
Price / Assets (%) 14.87 15.43
Tangible Book Premium/ Deposits (%) 13.10 13.60
Deal Terms
Description of Consideration

Independent Bank Corp. paid $275 in cash or exchanged 3.55 shares of its common stock for each of the outstanding share of MNB Bancorp., subject to 75% of the consideration being paid in stock. Target financials are for Milford National Bank and Trust Co. Independent Bank Corp. also assumed MNB Bancorp.’s Junior subordinated debentures.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 24,299
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 6,709
Maximum Termination Fee ($ 000) 1,600
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.550000
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) 8,588
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Day Pitney LLP
Seller Yes Nutter McClennen & Fish LLP