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BRIEF-Independent Bank Corp To Acquire Traverse City State Bank For About $63.24 Mln
December 4, 2017 / 11:06 PM / 11 days ago

BRIEF-Independent Bank Corp To Acquire Traverse City State Bank For About $63.24 Mln

Dec 4 (Reuters) - Independent Bank Corp:

* INDEPENDENT BANK CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE TRAVERSE CITY STATE BANK

* INDEPENDENT BANK CORP - TRANSACTION IS VALUED AT APPROXIMATELY $63.24 MILLION

* INDEPENDENT BANK CORP - TERMS OF MERGER AGREEMENT HAS BEEN UNANIMOUSLY APPROVED BY BOARD OF DIRECTORS OF EACH COMPANY

* INDEPENDENT BANK - TCSB SHAREHOLDERS TO GET 1.1166 SHARES OF IBCP STOCK FOR EACH SHARE OF TCSB STOCK OR 2.71 MILLION SHARES OF IBCP COMMON STOCK

* INDEPENDENT BANK - DEAL IS EXPECTED TO BE ABOUT 3.8% AND 6.7% ACCRETIVE TO FIRST-YEAR AND SECOND-YEAR FULLY DILUTED EARNINGS PER SHARE, RESPECTIVELY

* INDEPENDENT BANK CORP - ONE MEMBER OF TCSB BOARD OF DIRECTORS WILL JOIN IBCP‘S BOARD UPON COMPLETION OF TRANSACTION

* INDEPENDENT BANK CORP - TANGIBLE BOOK VALUE PER SHARE DILUTION WILL BE APPROXIMATELY 2.8% AT DEAL CLOSING

* INDEPENDENT - ‍AFTER CLOSING, CO INTENDS TO CONSOLIDATE TRAVERSE CITY STATE BANK WITH & INTO INDEPENDENT BANK, OPERATE UNDER INDEPENDENT BANK NAME Source text for Eikon: Further company coverage:

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