Mergers & Acquisitions

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Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
New England Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/17/2016
Announcement Date:
3/17/2016
Announced Deal Value ($ M):
30.14
Status:
Completed
Completion Date:
11/10/2016
Announced Deal Value Per Share ($ )
11.41

Consideration Breakout
Common Stock ($M) 37.8
Common Stock Issued 672,665

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 136.2 185.8
Price / Tangible Book (%) 136.2 185.8
Price / Earnings (x) 46.7 65.3
Price / Deposits (%) 14.07 20.61
Price / Assets (%) 11.57 15.94
Tangible Book Premium/ Deposits (%) 5.61 13.99
Deal Terms
Description of Consideration

Independent Bank Corp. exchanged 0.25 shares of its common stock for each outstanding share of New England Bancorp Inc. In addition to this, Independent Bank Corp. also cashed out any New England Bancorp warrants or options that remained outstanding at the effective time of the merger. Furthermore Independent Bank Corp. also redeemed SBLF preferred stock of New England Bancorp Inc. Target financials are for Bank of Cape Cod.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 20,443
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 4,615
Maximum Termination Fee ($ 000) 1,350
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.250000
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) 670
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Piper Jaffray & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Day Pitney LLP
Seller Yes Luse Gorman PC