Independent Bank Corp. has completed its acquisition of Enterprise Bancorp, Inc. As part of the merger, each Enterprise share will be exchanged for 0.60 shares of Independent’s common stock and $2.00 in cash. The merger has resulted in former Enterprise Bancorp Inc. shareholders receiving approximately 7.5 million shares of Independent common stock and an aggregate of approximately $25.8 million in cash.
Following the acquisition, Independent will have approximately 50,107,000 shares of common stock outstanding. In addition, Kenneth S. Ansin and Joseph C. Lerner have been appointed as directors of Independent. Ansin will serve as a Class I director, while Lerner will serve as a Class II director.
Kenneth S. Ansin, the President of Ansin Consulting Group, and Joseph C. Lerner, the Managing Partner of 819 Energy LLC and Managing Director of 819 Capital LLC, bring their extensive experience and expertise to Independent's board.
The press release also notes that George Duncan, Chairman of the Board and founder of Enterprise and Enterprise Bank, will serve in a consultative role to the Independent and Rockland Trust boards of directors for a period of one year to support a smooth transition and successful integration of the organizations.
Independent Bank Corp., the holding company for Rockland Trust, offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. With retail branches in eastern Massachusetts, Worcester County, and southern New Hampshire, as well as commercial banking and investment management offices in Massachusetts, New Hampshire, and Rhode Island, Rockland Trust is an FDIC member and an equal housing lender. As a result of these announcements, the company's shares have moved -0.25% on the market, and are now trading at a price of $62.885. For more information, read the company's full 8-K submission here.
