Independent of Mass. to Acquire Mayflower for $37 Million

Independent Bank Corp. (INDB) agreed to acquire Mayflower Bancorp (MFLR) in its second deal for a Massachusetts company in the past year.

Independent, the holding company for Rockland Trust, agreed to pay $37.2 million in stock and cash for Mayflower. Under the deal's terms, 70% of Mayflower shares will be exchanged for stock, with each Mayflower share swapped for 0.565 of an Independent share. For the remaining 30%, Independent will pay $17.50 per share in cash. The transaction is expected to close in the fourth quarter.

Mayflower rose 51% to $16.16 per share in after-hours trading Tuesday.

Independent, in May 2012, struck a deal to acquire the $521 million-asset Central Bancorp of Somerville, Mass., for about $55 million. The deal closed in November.

Mayflower, a $261 million-asset thrift headquartered in Middleboro, Mass., would boost Independent Bank's total assets to about $6 billion and its branch count in Massachusetts to 86. Mayflower Bank operates eight offices in Plymouth County, Mass.

Keefe, Bruyette & Woods was financial adviser to Independent and Choate Hall & Stewart served as legal counsel. Sterne, Agee & Leach advised Mayflower and Kilpatrick Townsend & Stockton was its legal counsel.