Independent Bank, the parent of Rockland Trust, has completed its acquisition of Benjamin Franklin Bancorp, the parent company of Benjamin Franklin Bank.
Independent anticipates that, following receipt of regulatory approvals, Benjamin Franklin Bank will be merged into Rockland Trust in early May 2009.
Former Benjamin Franklin Bancorp (Ben Franklin) directors William Bissonnette, Daniel O’Brien and Thomas Venables were appointed to the Independent board of directors, with Mr. Bissonnette and Mr. O’Brien appointed as class III directors with terms expiring at the 2011 annual shareholder meeting and Mr. Venables appointed a class II director with a term expiring at the 2010 annual shareholder meeting. Mr. Bissonnette, Mr. O’Brien, and Mr. Venables were each also appointed to the Rockland Trust board of directors.
The transaction is intended to qualify as a tax-free reorganisation for federal income tax purposes and former Ben Franklin shareholders will receive 0.59 shares of Independent common stock for each share of Ben Franklin common stock which they own.
Under the terms of the merger, cash will be issued in lieu of fractional shares. Based upon Independent’s $18.27 per share closing price on April 9, 2009, the transaction is valued at $10.78 per share of Ben Franklin common stock or approximately $84.5m in the aggregate.
