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Independent Bank Corp. has spent recent years looking for a way to break into Boston without overpaying. It recently found a steal in Peoples Federal, a former mutual, in a deal that boosts earnings and tangible book value.
August 6 -
Independent Bank in Rockland, Mass., has agreed to buy Peoples Federal Bancshares in Brighton.
August 5 -
Independent Bank Corp. (INDB) and its commercial banking unit, Rockland Trust Co., announced a number of management changes Friday.
September 6
Independent Bank Corp. in Rockland, Mass., has
The $6.4 billion-asset company said in a press release Wednesday that it issued fixed-to-floating rate subordinated notes in a private placement to unnamed institutional investors.
Independent said it intends to use the proceeds to fund growth, acquisitions or the repayment of outstanding debt.
The notes will mature on Nov. 15, 2024, and have an interest rate of 4.75% for the first five years. After that, the interest rate will reset quarterly to the three-month LIBOR rate plus 298 basis points.
Independent is the parent company for Rockland Trust. The company recently expanded in Boston,
U.S. Bancorp Investments and Sandler O'Neill served as the placement agents for the offering.