Independent Bank, parent of Rockland Trust Company, closed its acquisition of MNB Bancorp, parent of The Milford National Bank and Trust Company.
MNB Bancorp was merged with and into Independent, with Independent the surviving entity, and The Milford National Bank and Trust Company was merged with and into Rockland Trust, with Rockland Trust the surviving entity.
Under the merger terms, each share of MNB Bancorp common stock was converted into the right to receive either $275.00 in cash or 3.55 shares of Independent common stock (with cash to be issued in lieu of fractional shares, at a price of $79.57, which was the volume-weighted average trading price of a share of Independent Bank common stock on The Nasdaq Global Select Market, as reported by Bloomberg, for the five consecutive trading days ending on the fifth trading day immediately preceding the closing date of the Merger, rounded to the nearest whole cent).
As a result of the merger, former MNB Bancorp shareholders will receive approximately 528,353 shares of Independent common stock in the aggregate and an aggregate of approximately $13,644,263 in cash, which does not include cash in lieu of fractional shares. Including the shares issued in connection with the acquisition, Independent will now have approximately 28,080,467 shares of common stock outstanding.
Independent Bank has approximately $8.4 billion in assets and is the holding company for Rockland Trust Company, which offers a wide range of banking, investment, and insurance services through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, the Cape and Islands, and Rhode Island.