Independent Bank (INDB) said Tuesday that it had completed the acquisition of Enterprise Bancorp (EBTC), the parent company of Enterprise Bank and Trust.

Under the terms of the deal, each share of Enterprise will be exchanged for .60 shares of Independent's common stock and $2 in cash, which will be paid instead of fractional shares at $61.61 each.

Enterprise Bancorp shareholders will receive 7.5 million shares of Independent Bank stock and $25.8 million in cash.

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