Independent Bank signed a definitive merger agreement to acquire TCSB Bancorp, the parent company of Traverse City State Bank. Both boards of directors unanimously approved the agreement.
Under the merger terms, TCSB shareholders will receive 1.1166 shares of IBCP common stock for each outstanding share of TCSB common stock or 2.71 million shares of IBCP common stock in the aggregate. The 169,800 outstanding options to acquire TCSB common stock will be converted into IBCP options at the completion of the merger. The transaction is valued at approximately $63.24 million based on IBCP’s 15-day volume weighted average price of $22.4438 as of December 1, 2017.