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Nutter Advises MNB Bancorp in Proposed Merger with Independent Bank Corp.

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05.30.2018 | Press Release

Nutter is representing MNB Bancorp, the parent company of The Milford National Bank and Trust Company, in its proposed merger with Independent Bank Corp. (NASDAQ Global Select Market: INDB). Independent is the parent company of Rockland Trust Company.

Mike Krebs, chair of Nutter’s Corporate and Transactions Department and co-chair of the Banking and Finance practice group, and Jay Cabral led the Nutter legal team, which included Blake Tyler on corporate matters; Melissa Sampson McMorrow, Elizabeth Norman, and Erin Whitney on tax issues; David Rubin and Crescent Moran Chasteen on executive compensation and labor matters; and Gary Gill-Austern and Rachel Kurlantzick on environmental- and real estate-related matters.

The total value of the transaction is approximately $54.2 million. Under the terms of the agreement, each share of MNB common stock will be exchanged for either 3.55 shares of Independent common stock or $275 in cash, subject to customary pro-ration procedures which will result in an aggregate stock/cash consideration mix of 75%/25%, respectively. The parties expect to complete the merger during the fourth quarter of 2018, subject to receipt of all required regulatory approvals, approval by MNB shareholders, and the satisfaction of other customary closing conditions. Please click for more information on the transaction.

Milford National was founded in 1849 and has continuously served Milford, Massachusetts and surrounding towns since its inception. Milford National currently has three Worcester County bank branches, two in Milford and one in Mendon. As of March 31, 2018, Milford National had total assets of $365 million, total deposits of $301 million and total loans of $308 million and Milford National’s wealth management business had $167 million of assets under administration.

Nutter’s Banking and Financial Services practice group is ranked by Chambers and Partners as among the top banking practices in the nation. Nutter’s community banking practice is regarded as a market leader in New England, having represented more than 70 banks and thrift institutions in corporate and regulatory matters in the past few years. The firm has placed among the top 20 law firms nationally in merger and acquisition work for banks, according to the M&A Annual published by the American Banker.

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About Nutter

Nutter is a Boston-based law firm that provides legal counsel to industry-leading companies, early stage entrepreneurs, institutions, foundations, and families, across the country and around the world. The firm’s lawyers are known for their client-centric approach and extensive experience in business and finance, intellectual property, litigation, real estate and land use, labor and employment, tax, and trusts and estates. Co-founded in 1879 by Louis D. Brandeis, who later became a renowned justice of the U.S. Supreme Court, Nutter is dedicated to helping companies prosper in today’s fast-paced business environment. For more information, please visit www.nutter.com and follow us on LinkedIn.

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