---
schema_version: "secwatch.filing_event.v1"
accession: "0000776901-25-000237"
form_type: "8-K"
ticker: "INDB"
cik: "0000776901"
company_name: "INDEPENDENT BANK CORP"
filed_at: "2025-07-01T23:59:59+00:00"
generated_at: "2026-05-18T11:25:15.279249+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000776901-25-000237
- form_type: 8-K
- ticker: INDB
- cik: 0000776901
- company_name: INDEPENDENT BANK CORP
- filed_at: 2025-07-01T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/776901/000077690125000237/0000776901-25-000237-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/776901/000077690125000237/indb-20250701.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000776901-25-000237
- JSON: https://secwatch.observer/filing/0000776901-25-000237.json
- Plain text: https://secwatch.observer/filing/0000776901-25-000237.txt

## Key facts
- Debt Financings
  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
  source text: Independent will assume all outstanding $60 million aggregate principal amount of Enterprise’s 5.25% Fixed to Floating Rate Subordinated Notes due 2030
  evidence_url: https://www.sec.gov/Archives/edgar/data/776901/000077690125000237/0000776901-25-000237-index.htm
- M&A Transactions
  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
  source text: (“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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/776901/000077690125000237/0000776901-25-000237-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.