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Parsippany, NJ, March 18, 2016 – Day Pitney LLP is representing Massachusetts-based Independent Bank Corp. (NASDAQ: INDB), parent of Rockland Trust Company, in its $30.7 million acquisition of New England Bancorp. Inc., parent of Bank of Cape Cod.
Under the merger agreement each share of outstanding New England Bancorp common stock will be exchanged for 0.25 of a share of Independent common stock. The boards of directors of each company have unanimously approved the transaction. The transaction is subject to standard closing conditions. The parties anticipate that the closing of the transaction will occur in the fourth quarter of 2016.
Corporate partner Michael Rave, senior counsel Richard Leu and associate Kendall Wilson are leading the Day Pitney team in the transaction with the assistance of partners David Doyle, Stephen Ziobrowski and counsel Andrew Wogman.
