Enterprise Bancorp jumps after $562 mln merger agreement with Independent Bank

Enterprise Bancorp

09/12/2024 14:55

** Shares of regional lender Enterprise Bancorp  EBTC.O 
jump 18.2% to $43 in early trading hours
    ** On Monday, Enterprise and Independent Bank  INDB.O ,
agreed to merge in a cash-and-stock deal valued at $562 million,
as regional lenders continue to consolidate their operations
    ** Enterprise shareholders will receive 0.60 shares of
Independent's common stock and $2.00 in cash for each share of
Enterprise's common stock they hold
    ** Regional lenders have been striking more deals with peers
to shore up their balance sheets and compete with rivals in
efforts of consolidation in the sector after last year's banking
crisis
    ** Including session's move, stock is up 34.6% YTD  

 (Reporting by Jaiveer Singh Shekhawat in Bengaluru)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))