M&A Deal Summary

Independent Bank Acquires Peoples Federal Bancshares

On February 20, 2015, Independent Bank acquired financial services company Peoples Federal Bancshares for 131M USD

Acquisition Highlights
  • This is Independent Bank’s 8th transaction in the Financial Services sector.
  • This is Independent Bank’s 2nd largest (disclosed) transaction.
  • This is Independent Bank’s 8th transaction in the United States.
  • This is Independent Bank’s 6th transaction in Massachusetts.

M&A Deal Summary
Date 2015-02-20
Target Peoples Federal Bancshares
Sector Financial Services
Buyer(s) Independent Bank
Deal Type Merger
Deal Value 131M USD
Advisor(s) Sandler O'Neill + Partners (Financial)
Bingham McCutchen LLP (Legal)

Target

Peoples Federal Bancshares

Brighton, Massachusetts, United States
Peoples Federal Bancshares, Inc. is a holding company for Peoples Federal Savings Bank, a community-oriented federal savings bank operating eight full-service branch locations in the Greater Boston area. Peoples Federal Savings Bank offers a broad array of retail and commercial lending and deposit services.

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Buyer(S) 1

Buyer

Independent Bank

Rockland, Massachusetts, United States
Category Company
Founded 1907
Sector Financial Services
Employees1,787
Revenue 722M USD (2023)
DESCRIPTION

Independent Bank operates as the bank holding company for Rockland Trust Company that provides commercial banking products and services to individuals and small-to-medium sized businesses in the United States. The company provides interest checking, money market, and savings accounts, as well as demand deposits and time certificates of deposit. Independent Bank was founded in 1907 and is based in Rockland, Massachusetts.

DEAL STATS #
Overall 8 of 13
Sector (Financial Services) 8 of 13
Type (Merger) 1 of 2
State (Massachusetts) 6 of 10
Country (United States) 8 of 13
Year (2015) 1 of 1
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-11-15 Mayflower Bancorp

Middleboro,, Massachusetts, United States

Mayflower Bancorp, Inc. operates as a bank holding company for Mayflower Co-operative Bank that provides various banking services.

Buy $37M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-17 Bank of Cape Cod

Hyannis, Massachusetts, United States

Bank of Cape Cod is a full-service community bank that offers a variety of deposit products and makes mortgage loans for the construction, purchase, and refinancing of residential and commercial real estate as well as other commercial and consumer loans of various types. Bank of Cape Cod is based in Hyannis, Massachusetts.

Buy $31M
Mergr

Product

Company

Legal