Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Independent Bank, Central Bancorp Inc. Ink Definitive Merger Deal - Quick Facts

RELATED NEWS
Trade INDB now with 

Independent Bank Corp. (INDB), parent of Rockland Trust Company, and Central Bancorp Inc. (CEBK: Quote), parent of Central Bank, jointly announced the April 30, 2012 signing of a definitive deal, pursuant to which Independent Bank Corp. woul acquire Central Bancorp, Inc. and Rockland Trust Company would purchase Central Bank. Rockland Trust's CEO stated that this acquisition would significantly increase the company's presence in the communities of Middlesex County; and expects the transaction to be immediately accretive and bring solid returns to its shareholders.

Pursuant to the deal, 60% of outstanding Central Bancorp., Inc. shares would be exchanged for shares of Independent Bank Corp., at an exchange ratio subject to limited adjustment, and 40% of outstanding Central Bancorp., Inc. shares would be bought for $32.00 per share cash. Based on Independent Bank Corp.'s $28.67 per share closing price on April 27, 2012 the transaction is valued at about $54.8 million.

The transaction has been approved by the boards of each company and is subject to certain conditions. The parties anticipate that the closing of the transaction would likely occur in the fourth quarter of 2012.

Click here to receive FREE breaking news email alerts for Independent Bank Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Suggesting moderate growth in the short-term, the Conference Board released a report on Thursday showing that its index of leading U.S. economic indicators rose by more than economists had anticipated in the month of September. Stocks have moved sharply higher in early trading on Thursday after turning lower over the course of the previous session. The major averages have climbed firmly into positive territory, more than offsetting yesterday's steep losses. Eurozone's consumer confidence improved unexpectedly in October after weakening in the previous four months, preliminary data from the European Commission showed Thursday. The flash consumer confidence indicator rose to -11.1 from a seven-month low of -11.4 in September. Economists had forecast a...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.