Business
Independent Bank Corp. and Enterprise Bancorp, Inc. Sign Merger Agreement for Rockland Trust to Acquire Enterprise Bank
The agreement will unite two relationship-driven organizations and expand Rockland Trust’s footprint into northern Massachusetts and southern New Hampshire.
About this update from Independent Bank Corp.
[{"type":"text","content":"\nThe agreement will unite two relationship-driven organizations and expand Rockland Trust’s footprint into northern Massachusetts and southern New Hampshire.\n\n\n ROCKLAND, Mass. & LOWELL, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (NASDAQ Global Select Market : INDB) (“Independent”), parent of Rockland Trust Company (“Rockland Trust”), and Enterprise Bancorp, Inc. (NASDAQ Global Select Market: EBTC) (“Enterprise”), parent of Enterprise Bank and Trust Company (“Enterprise Bank”), have signed a definitive merger agreement pursuant to which Enterprise will merge into Independent and Enterprise Bank will merge into Rockland Trust in a cash and stock transaction for total consideration valued at approximately $562 million in aggregate, or $45.06 per share based on the Independent closing price of $71.77 on December 6, 2024.\n\n\nThe merger agreement provides that Enterprise shareholders will receive 0.60 shares of Independent common stock and $2.00 in cash for each share of Enterprise common stock they hold. The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Enterprise shareholders for the Independent common stock portion of the merger consideration they will receive.\n\n\nIndependent anticipates issuing approximately 7.5 million shares of its common stock and paying an aggregate amount of $27.1 million in cash in the merger. The merger is expected to close in the second half of 2025 subject to customary closing conditions, including regulatory approvals and approval of Enterprise shareholders. No vote of Independent shareholders is required.\n\n\n“Enterprise Bank is the perfect merger partner for Rockland Trust, consistent with all aspects of our outstanding long-term merger track record. Rockland Trust and Enterprise Bank share a deep commitment to strengthening our local communities by putting people and relationships first. Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses,” said Jeffrey Tengel, the President and Chief Executive Officer of Independent Bank Corp. “We look forward to extending Rockland Trust’s footprint in northern Massachusetts, as well as entering the New Hampshire market. Together, our combined institution will bring expanded conveni...