Mergers & Acquisitions

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Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Peoples Federal Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/5/2014
Announcement Date:
8/5/2014
Announced Deal Value ($ M):
130.18
Status:
Completed
Completion Date:
2/20/2015
Announced Deal Value Per Share ($ )
20.39

Consideration Breakout
Cash ($M) 52.4
Common Stock ($M) 86.4
Common Stock Issued 2,052,137

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 122.7 132.9
Price / Tangible Book (%) 122.7 132.9
Price / Earnings (x) 60.0 NM
Price / Deposits (%) 29.96 33.23
Price / Assets (%) 21.48 23.95
Tangible Book Premium/ Deposits (%) 7.16 10.38
Deal Terms
Description of Consideration

Independent Bank Corp. paid $21.00 in cash or exchanged 0.5523 shares of its common stock for each of the outstanding share of Peoples Federal Bancshares Inc., subject to 40% of the consideration paid in cash.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 30,662
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 6,953
Est. Restructuring Charges ($ 000) 13,538
Maximum Termination Fee ($ 000) 5,300
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.552300
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) 3,936
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 Bingham McCutchen LLP