Market Overview

MNB Bancorp Shareholders Approve Pending Merger with Independent Bank Corp.


Independent Bank Corp. (NASDAQ Global Select Market: INDB), parent of
Rockland Trust Company, announced that at a special meeting held on
Wednesday, September 12, 2018 the shareholders of MNB Bancorp, parent of
The Milford National Bank & Trust Company, overwhelmingly approved the
pending merger with Independent Bank Corp., with 87.6% of the
outstanding shares entitled to vote voting in favor and no shares voting

The closing of the merger remains subject to the receipt of required
regulatory approvals and other standard conditions. The parties
anticipate that the merger will close in the fourth quarter of 2018.

About Independent Bank Corp.

Independent Bank Corp., which has Rockland Trust Company as its
wholly-owned commercial bank subsidiary, has $8.4 billion in assets.
Named in 2017 to The Boston Globe's "Top Places to Work" list for the
ninth consecutive year, Rockland Trust offers a wide range of banking,
investment, and insurance services. The Bank serves businesses and
individuals through approximately 100 retail branches, commercial and
residential lending centers, and investment management offices in
eastern Massachusetts, including Greater Boston, the South Shore, the
Cape and Islands, and Rhode Island. Rockland Trust also offers a full
suite of mobile, online, and telephone banking services. The Company is
an FDIC member and an Equal Housing Lender. To find out why Rockland
Trust is the bank "Where Each Relationship Matters®", visit

Forward Looking Statements

This press release contains certain "forward-looking statements" with
respect to the financial condition, results of operations and business
of the Independent Bank Corp. (the "Company"). These statements may be
identified by such forward-looking terminology as "expect," "achieve,"
"plan," "believe," "future," "positioned," "continued," "will," "would,"
"potential," or similar statements or variations of such terms. Actual
results may differ from those contemplated by these forward-looking

Factors that may cause actual results to differ materially from those
contemplated by such forward looking statements include, but are not
limited to:

  • a weakening in the United States economy in general and the regional
    and local economies within the New England region and the Company's
    market area;
  • adverse changes in the local real estate market;
  • acquisitions may not produce results at levels or within time frames
    originally anticipated and may result in unforeseen integration issues
    or impairment of goodwill and/or other intangibles;
  • changes in, trade, monetary and fiscal policies and laws, including
    interest rate policies of the Board of Governors of the Federal
    Reserve System;
  • higher than expected tax rates and any changes in and any failure by
    the Company to comply with tax laws generally and requirements of the
    federal New Markets Tax Credit program;
  • unexpected changes in market interest rates for interest earning
    assets and/or interest bearing liabilities;
  • adverse changes in asset quality including an unanticipated credit
    deterioration in our loan portfolio;
  • unexpected increased competition in the Company's market area;
  • unanticipated loan delinquencies, loss of collateral, decreased
    service revenues, and other potential negative effects on our business
    caused by severe weather or other external events;
  • a deterioration in the conditions of the securities markets;
  • our inability to adapt to changes in information technology;
  • electronic fraudulent activity within the financial services industry,
    especially in the commercial banking sector;
  • adverse changes in consumer spending and savings habits;
  • our inability to realize expected revenue synergies or cost savings
    from prior acquisitions in the amounts or in the timeframe anticipated;
  • our inability to retain customers and key Milford National employees;
  • our inability to successfully integrate Milford National or that the
    integration will be more difficult, time-consuming, or costly than
  • our inability to obtain regulatory approval of the merger in the
    time-frame expected;
  • delays in closing the merger or other risks that any of the closing
    conditions to the Merger may not be satisfied in a timely manner or at
  • the effect of new laws and regulations regarding the financial
    services industry;
  • changes in laws and regulations (including laws and regulations
    concerning taxes, banking, securities and insurance) generally
    applicable to the Company's business;
  • changes in accounting policies, practices and standards, as may be
    adopted by the regulatory agencies as well as the Public Company
    Accounting Oversight Board, the Financial Accounting Standards Board,
    and other accounting standard setters; and,
  • other unexpected material adverse changes in our operations or

The Company wishes to caution readers not to place undue reliance on any
forward-looking statements as the Company's business and its
forward-looking statements involve substantial known and unknown risks
and uncertainties included in the Company's Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q ("Risk Factors"). Except as required
by law, the Company disclaims any intent or obligation to update
publicly any such forward-looking statements, whether in response to new
information, future events or otherwise. Any public statements or
disclosures by the Company following this release which modify or impact
any of the forward-looking statements contained in this release will be
deemed to modify or supersede such statements in this release. In
addition to the information set forth in this press release, you should
carefully consider the Risk Factors.

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