1-9047 | 04-2870273 | |
(Commission File Number) | (I.R.S. Employer identification No.) |
INDEPENDENT BANK CORP. | ||
Office Address: | 2036 Washington Street, Hanover, Massachusetts | 02339 |
Mailing Address: | 288 Union Street, Rockland, Massachusetts | 02370 |
(Address of Principal Executive Officers) | (Zip Code) |
• | All regulatory approvals relating to the merger have been received and applicable regulatory waiting periods have expired. |
• | The deadline for MNB shareholders to elect the form of merger consideration they wish to receive in connection with the merger was 5:00 p.m., Eastern Time on November 6, 2018. |
• | The merger is anticipated to close on or about November 14, 2018, with an effective date of November 16, 2018. |
• | a weakening in the United States economy in general and the regional and local economies within the New England region and Independent's market area; |
• | adverse changes or volatility in the local real estate market; |
• | adverse changes in asset quality including an unanticipated credit deterioration in our loan portfolio including those related to one or more large commercial relationships; |
• | 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; |
• | inability to raise capital on terms that are favorable; |
• | additional regulatory oversight and additional costs associated with Independent's anticipated increase in assets to over $10 billion; |
• | 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 expense, resulting from failure to comply with general tax laws, changes in tax laws, or failure to comply with requirements of the federal New Markets Tax Credit program; |
• | unexpected changes in market interest rates for interest earning assets and/or interest bearing liabilities; |
• | unexpected increased competition in the Independent'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; |
• | a deterioration of the credit rating for U.S. long-term sovereign debt; |
• | our inability to adapt to changes in information technology, including changes to industry accepted delivery models driven by a migration to the internet as a means of service delivery; |
• | electronic fraudulent activity within the financial services industry, especially in the commercial banking sector; |
• | adverse changes in consumer spending and savings habits; |
• | failure to consummate or a delay in consummating the acquisitions of MNB Bancorp and Blue Hills Bancorp, which are subject to certain standard conditions, including regulatory approvals and shareholder approval for the Blue Hills Bancorp transaction; |
• | inability to retain customers and employees, including those acquired in the MNB Bancorp and Blue Hills Bancorp acquisitions; |
• | the effect of laws and regulations regarding the financial services industry including, but not limited to, the Dodd-Frank Wall Street Reform and the Consumer Protection Act and regulatory uncertainty surrounding these laws and regulations; |
• | changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) generally applicable to the Independent’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; |
• | cyber security attacks or intrusions that could adversely impact our businesses; and |
• | other unexpected material adverse changes in our operations or earnings. |
Exhibit No. | Description |
99.1 |
INDEPENDENT BANK CORP. | |||
Date: | November 8, 2018 | By: | /s/ Robert D. Cozzone |
Robert D. Cozzone | |||
Chief Financial Officer |