FIG Has Now Advised On 27 Whole Bank Transactions Nationwide
Totaling Over $1.7 Billion Since 2015
ATLANTA, Oct. 21, 2016 — Independent Bank Corp. (NASDAQ:INDB), parent of Rockland Trust Company, and Island Bancorp, Inc., parent of The Edgartown National Bank, have announced a definitive merger agreement. Under the terms of the agreement, The Edgartown National Bank will be merged into Rockland Trust.
Shares of Island Bancorp stock will be exchanged for either 9.525 shares of Independent common stock or $500 in cash. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Island Bancorp shareholders who receive Independent stock. The transaction is expected to close in the second quarter of 2017.
Independent anticipates issuing approximately 369,311 shares of its stock in the merger. Based upon Independent’s $53.25 per share closing price on October 19, 2016, the transaction is valued at approximately $24.5 million and the aggregate consideration represents 151.8% of Island Bancorp’s tangible book value as of September 30, 2016.
FIG Partners served as financial advisor to Island Bancorp, Inc. The lead banker in this transaction was Dan Flaherty, Vice President, Investment Banking. Legal counsel was provided by Cranmore, FitzGerald & Meaney.
“We are extremely pleased to join Rockland Trust, a growing bank with a terrific brand,” said Fielding Moore, Chief Executive Officer of Edgartown National. “Our customers will enjoy the greater range of products, services, and convenience that Rockland Trust offers while still being served by the same Edgartown National customer service staff they know and trust.”
More information about the merger agreement is available here.
To learn more about FIG Partners, visit www.figpartners.com.