INDEPENDENT BANK CORP (INDB): M&A transaction — 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.

item 2.01 item 2.03 item 5.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

INDEPENDENT BANK CORP incurred senior notes of $60 million aggregate principal amount with UMB Bank, National Association at 5.25% Fixed to Floating Rate maturing due 2030.

Instrument: senior notes
Principal: $60 million aggregate principal amount
Counterparty: UMB Bank, National Association
Rate: 5.25% Fixed to Floating Rate
Maturity: due 2030
Event: incurrence

Exact text from the filing

Independent will assume all outstanding $60 million aggregate principal amount of Enterprise’s 5.25% Fixed to Floating Rate Subordinated Notes due 2030

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

INDEPENDENT BANK CORP underwent a change of control involving Enterprise Bancorp, Inc. for each share of Enterprise common stock was converted into the right to receive 0.60 shares of Independent’s common stock and $2.00 in cash (closed 2025-07-01).

Action: change of control
Counterparty: Enterprise Bancorp, Inc.
Consideration: each share of Enterprise common stock was converted into the right to receive 0.60 shares of Independent’s common stock and $2.00 in cash
Closing: 2025-07-01

Exact text from the filing

(“Independent” or the “Company”) completed its previously announced merger (the “Merger”) with Enterprise Bancorp, Inc. (“Enterprise”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated as of December 8, 2024, among Independent, Rockland Trust Company (“Rockland Trust”), Enterprise and Enterprise Bank and Trust Company (“Enterprise Bank”).

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10 debt financings filed in the last 30 days. Browse all debt financings →

INDEPENDENT BANK CORP filing history →

Source: SEC EDGAR

accession 0000776901-25-000237

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