Rockland Trust to buy Falmouth Bank

Independent Bank Corp., parent of Rockland Trust Company, reached an agreement to acquire Falmouth Bancorp, Inc., the parent company of Falmouth Bank, by paying $2.5 million in cash and $36.9 million in stock transactions to Falmouth Bancorp option holders in exchange for the cancellation of those options, the companies announded today.

Independent Bank is based in Rockland. It has area branches in Bristol County, including Attleboro.

The $36.9 million transaction value is derived from Independent Bank Corp.’s closing price per share on Jan. 8, 2004 or $29.00 for the stock component.

Falmouth Bancorp, Inc., headquartered in Falmouth, has $166.1 million in assets and four branches located within Barnstable County, East and North Falmouth, Falmouth and Bourne. Barnstable county has one of the fastest growing populations in Massachusetts, according to Independent Bank Corp. information.

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The transaction is intended to qualify as a tax free reorganization for federal income tax purposes and to provide a tax-free exchange of shares.

Bloomberg News

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