Independent buying Slade's Ferry

Shares of Somerset, Mass.-based community bank Slade's Ferry Bancorp skyrocketed in trading today after the company said it was being acquired by Independent Bank Corp. for $105 million in cash and stock.

Shares of Slade's Ferry rose $8.86, or 57.9 percent, to $24.16 in morning trading. Shares reached a 52-week high of $24.55 earlier in the day.

Rockland, Mass.-based Independent Bank, parent of Rockland Trust Co., agreed to acquire Slade's Ferry for $105 million in cash and stock. The agreement calls for 75 percent of the outstanding Slade's Ferry shares to be converted to 0.818 shares of Independent Bank, while 25 percent of the shares will be purchased for $25.50 per share.

The $25.50 represented a 67 percent premium over Slade's Ferry's closing price Thursday of $15.30.

Independent Bank expects the acquisition to boost earnings in 2008, excluding one-time acquisition transaction charges. Rockland Trust has about $2.7 billion in assets, while Slade's Ferry has about $628 million in assets.

Shares of Slade's Ferry had traded between $13.11 and $19.29 during the past year.

Independent Bank shares rose 24 cents to $30.49. (AP)