INDB - Independent Bank and Meridian Bancorp ink merger agreement

Independent Bank (INDB) and Meridian Bancorp (EBSB) signed a definitive merger agreement wherein the former will acquire the latter and Rockland Trust to acquire East Boston Savings Bank.Under the agreement, each Meridian stockholder will receive 0.2750 of a share of Independent common stock for each share of Meridian common stock.Independent expects to issue ~14.2M shares in the merger; based on Apr.21 closing price, the transaction is valued at ~$1.15B and total consideration  represents 150% of Meridian’s tangible book value.Merger is expected to close in 4Q21.As of Mar. 31, 2021 Meridian reports $6.5B in total assets, $5.3B in loans, and $5.1B in deposits.Independent forecasts the transaction to be ~7.9% immediately accretive to tangible book value per share, ~23% accretive to its 2022 EPS, assuming fully phased-in cost saves and generate an ~16% IRR.Combined merger-related charges are expected to be ~$64M before tax, in the aggregate, incurred in 2021.EBSB shares trading 13.1% higher after hours

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Independent Bank and Meridian Bancorp ink merger agreement