Independent Bank to acquire Enterprise Bancorp for ~$562M in cash/stock

INDEPENDENT BANK CORP

Consideration: 0.60 INDB shares + $2 cash per EBTC share; ~$45.06/share based on INDB close of $71.77 on 12/6/24.
Transaction valued at ~$562M aggregate; expected to close in second half 2025, subject to regulatory and EBTC shareholder approval.
Expected ~16% EPS accretive in 2026 first full year; tangible book value earn-back within 3 years.
Enterprise has $4.7B assets, $4.2B deposits, $1.5B wealth AUM; combined pro forma ~$25B assets.
Enterprise directors/officers owning ~20.4% of EBTC shares have agreed to vote in favor; no INDB shareholder vote required.

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