Mergers & Acquisitions

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Deal Overview

Buyer:
Independent Bank Corp.
Actual Acquirer:
Independent Bank Corp.
Target:
Island Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/20/2016
Announcement Date:
10/20/2016
Announced Deal Value ($ M):
24.51
Status:
Completed
Completion Date:
5/12/2017
Announced Deal Value Per Share ($ )
505.77

Consideration Breakout
Cash ($M) 4.8
Common Stock ($M) 23.5
Common Stock Issued 369,286

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 151.8 171.5
Price / Tangible Book (%) 151.8 171.5
Price / Earnings (x) 35.4 29.8
Price / Deposits (%) 14.32 17.93
Price / Assets (%) 12.63 15.53
Tangible Book Premium/ Deposits (%) 5.13 7.86
Deal Terms
Description of Consideration

Independent Bank Corp. paid $500 in cash or issued 9.5250 shares of its common stock for each outstanding share of Island Bancorp Inc., subject to 80% of the consideration being paid in stock.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 10,280
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 3,692
Maximum Termination Fee ($ 000) 900
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 9.525000
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) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes FIG Partners LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Day Pitney LLP
Seller Yes Cranmore FitzGerald & Meaney