ROCKLAND, Mass.--(BUSINESS WIRE)--
Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
Rockland Trust Company, today announced the closing of its acquisition
of MNB Bancorp, parent of The Milford National Bank and Trust Company.
The legal closing occurred November 14, 2018, with an effective date of
November 16, 2018, pursuant to which MNB Bancorp was merged with and
into Independent, with Independent the surviving entity, and The Milford
National Bank and Trust Company was merged with and into Rockland Trust,
with Rockland Trust the surviving entity.
Under the merger terms, each share of MNB Bancorp common stock was
converted into the right to receive either (i) $275.00 in cash or (ii)
3.55 shares of Independent common stock (with cash to be issued in lieu
of fractional shares, at a price of $79.57, which was the
volume-weighted average trading price of a share of Independent Bank
Corp. common stock on The Nasdaq Global Select Market, as reported by
Bloomberg L.P., for the five consecutive trading days ending on the
fifth trading day immediately preceding the closing date of the Merger,
rounded to the nearest whole cent). As a result of the merger, former
MNB Bancorp shareholders will receive approximately 528,353 shares of
Independent common stock in the aggregate and an aggregate of
approximately $13,644,263 in cash, which does not include cash in lieu
of fractional shares. Including the shares issued in connection with the
acquisition, Independent will now have approximately 28,080,467 shares
of common stock outstanding.
About Independent Bank Corp.
Independent Bank Corp. has approximately $8.4 billion in assets and is
the holding company for Rockland Trust Company, a full-service
commercial bank headquartered in Massachusetts. Named in 2017 to The
Boston Globe’s “Top Places to Work” list for the ninth consecutive year,
Rockland Trust offers a wide range of banking, investment, and insurance
services. The Bank serves businesses and individuals through
approximately 100 retail branches, commercial and residential lending
centers, and investment management offices in eastern Massachusetts,
including Greater Boston, the South Shore, the Cape and Islands, and
Rhode Island. Rockland Trust also offers a full suite of mobile, online,
and telephone banking services. Independent is an FDIC member and an
Equal Housing Lender. To find out why Rockland Trust is the bank “Where
Each Relationship Matters®”, please visit www.rocklandtrust.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181116005305/en/
Investor:
Robert D. Cozzone, Chief
Financial Officer
Independent Bank Corp.
(781) 982-6723
Robert.Cozzone@rocklandtrust.com
Media:
Ellen Molle, Public Relations
Marketing Manager
Rockland Trust Company
(781) 982-6537
Ellen.Molle@rocklandtrust.com
Source: Independent Bank Corp.