Printer Friendly

Independent Bank to Acquire TCSB Bancorp in Deal Valued at USD 63m.

M2 EQUITYBITES-December 12, 2017-Independent Bank to Acquire TCSB Bancorp in Deal Valued at USD 63m

(C)2017 M2 COMMUNICATIONS http://www.m2.com

12 December 2017 - Michigan, US-based Independent Bank Corp. (NASDAQ: IBCP) has agreed to acquire Michigan-based TCSB Bancorp, Inc. in a transaction valued at approximately USD 63.24m, the company said.

Independent Bank Corp. is the parent company of Independent Bank with total assets of approximately USD 2.8bn. TCSB Bancorp, Inc. is the parent company of Michigan-based Traverse City State Bank.

Subject to the terms of the merger agreement, TCSB shareholders will receive 1.1166 shares of IBCP common stock for each outstanding share of TCSB common stock or 2.71 m shares of IBCP common stock in the aggregate.

The 169,800 outstanding options to acquire TCSB common stock will be converted into IBCP options at the completion of the merger. The transaction is equal to 206.4% of TCSB tangible book value as of September 30, 2017.

The transaction is anticipated to close in the first half of 2018. After the closing, IBCP intends to consolidate Traverse City State Bank with and into Independent Bank, operate under the Independent Bank name and maintain all five branch locations.

Independent Bank Corp. said the transaction with TCSB will strengthen its current franchise and support its growth in the Traverse City market with full-service banking through five locations.

TCSB Bancorp, Inc. said the combination enhances its capabilities including, larger lending limits, an expanded loan and deposit product mix, and more automated services.

Independent Bank Corp. has total assets of approximately USD 2.8bn.

The company operates a branch network across Michigan's Lower Peninsula through one state-chartered bank subsidiary that provides a full range of financial services, including commercial banking, mortgage lending, investments and insurance.

TCSB Bancorp, Inc. has total assets of approximately USD 350m and provides a full array of banking services through five full-service branches in the Traverse City area.

ProBank Austin acted as IBCP's financial advisor and Varnum LLP acted as legal counsel to IBCP in connection with the merger. D.A. Davidson and Co. acted as TCSB's financial advisor and Warner Norcross and Judd LLP acted as legal counsel to TCSB in connection with the merger.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2017 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Dec 12, 2017
Words:382
Previous Article:Isodiol to Acquire Minority Stake in Canadian Pharmaceutical Manufacturer CN Pharma.
Next Article:Engine Shop Acquires Esports Gamer Agency from GameCo.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters