Independent Bank Corp. closes Enterprise Bancorp acquisition; issues ~7.5M shares and $25.8M cash

INDEPENDENT BANK CORP

Each EBTC share converted to 0.60 INDB shares + $2.00 cash; total consideration approx $25.8M cash and 7.5M INDB shares.
INDB now has ~50.1M shares outstanding post-merger; stock consideration based on $61.61 VWAP.
INDB assumes $60M Enterprise 5.25% sub notes due 2030; intends to repurchase and retire all on July 15, 2025.
Appointed Kenneth Ansin (Class I) and Joseph Lerner (Class II) as directors; George Duncan in consultative role for one year.
Customer account conversions expected over weekend of October 11, 2025; integration planned smoothly.

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