<SEC-DOCUMENT>0001193125-16-621435.txt : 20160815
<SEC-HEADER>0001193125-16-621435.hdr.sgml : 20160815
<ACCEPTANCE-DATETIME>20160614172030
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ACCESSION NUMBER:		0001193125-16-621435
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160614

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INDEPENDENT BANK CORP
		CENTRAL INDEX KEY:			0000776901
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				042870273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370
		BUSINESS PHONE:		7818786100

	MAIL ADDRESS:	
		STREET 1:		288 UNION STREET
		CITY:			ROCKLAND
		STATE:			MA
		ZIP:			02370
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Independent Bank Corp. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2036 Washington Street </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Hanover, MA 02339 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June&nbsp;14, 2016 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA EDGAR </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Erin E. Martin, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Special Counsel </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Financial Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C.
20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
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<TD VALIGN="bottom"><B>Independent Bank Corp.</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"><B>Registration Statement on Form S-4</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"><B>Filed May&nbsp;6, 2016</B></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"><B>File No.&nbsp;333-211215</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Martin: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of Independent Bank Corp., I acknowledge receipt of your May&nbsp;27, 2016 letter (the &#147;Comment Letter&#148;) concerning the above-referenced filing. The response of Independent Bank Corp. (collectively with its subsidiaries referred to
below as the &#147;Company&#148; or &#147;we&#148;) to your comments is set forth below. To facilitate your review, we have repeated your comments in bold type, followed by our response. Numbers correspond to the numbers in the Comment Letter. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Prospectus Cover Page </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please expand the prospectus cover page to disclose the possible change to the conversion ratio should Independent exercise its &#147;top up&#148; option under the merger agreement to increase the exchange ratio if
NEB exercises its &#147;walk away&#148; right. We note the disclosure at the bottom of page 10.</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have revised the disclosure in the
prospectus cover page to include disclosure of the possible change to the conversion ratio as requested. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>NEB Voting Agreements, page 33
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please file the voting agreement as an exhibit to the registration statement.</B> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have filed a form of voting agreement as Exhibit 10.1 to the Company&#146;s Amendment No.&nbsp;1 to the
Registration Statement on Form S-4 as requested. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Interests of NEB&#146;s Executive Officers and Directors in the Merger, page 55 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Please quantify the value of all merger related compensation to NEB officers and directors that differs from the interests of other NEB shareholders. For example, and as applicable, please quantify the value of
possible payouts to Mr.&nbsp;Telman under his new settlement agreement and to Messrs. Sexton and DeSimone under the new employment letter agreements and quantify the value of liability insurance payments and any retention bonuses that may be paid to
insiders.</B> </TD></TR></TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have revised the disclosure beginning on page 56 to quantify the compensation and benefits for Messrs. Sexton and
DeSimone under their respective new employment letter agreements and Independent&#146;s maximum annual premiums for directors&#146; and officers&#146; liability insurance for NEB&#146;s officers, directors and employees. We have also revised the
disclosure to confirm that no retention bonuses will be paid to NEB&#146;s executive officers and directors. With respect to Mr.&nbsp;Telman, his settlement agreement provides for a lump sum payment of $860,000 as disclosed in the initial filing of
the Form S-4. The other benefits referenced on page 56 are not &#147;merger related&#148; since such benefits were previously accrued in the course of his employment with NEB. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Representations and Warranties, page 62 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>On page 62, you include a statement that the representations and warranties contained in the merger agreement were made solely for the benefit of the other party and that such representations and warranties should
not be relied upon by &#147;any other person.&#148; Please note that disclosure regarding an agreement&#146;s representations and warranties (whether through incorporation by reference or direct inclusion) constitutes disclosure to investors, and
you are required to consider whether additional disclosure is necessary in order to put the information contained in, or otherwise incorporated into that publication, into context so that such information is not misleading. Please refer to Report of
Investigation Pursuant to Section&nbsp;21(a) of the Securities Exchange Act of 1934 and Commission Statement on potential Exchange Act Section&nbsp;10(b) and Section&nbsp;14(a) liability, Exchange Act Release No.&nbsp;51283 (Mar. 1, 2005).
Accordingly, if you continue to use this disclosure, please revise it to remove any implication that the merger agreement does not constitute disclosure under the federal securities laws.</B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have revised the disclosure on page 62 to delete the statement that the representations and warranties contained in the merger agreement were made solely
for the benefit of the other party and that such representations and warranties should not be relied upon by &#147;any other person.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Tax
Consequences of the Merger Generally, page 78 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Please revise the second paragraph to clarify that the disclosure is based upon and summarizes the opinions of
Luse Gorman and Day Pitney. In addition, please have</B> </P></TD></TR></TABLE>
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<B>counsel revise the tax opinions to clarify that the discussion, descriptions of law and legal conclusions contained in this section represents their opinion with respect to the material United
States federal income tax consequences of the merger.</B> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have revised the disclosure on page 78 as requested to clarify that the
disclosure is based upon the opinions of Day Pitney LLP and Luse Gorman, PC and is a summary of their respective opinions of the material U.S. federal income tax consequences of the merger. We have also had Luse Gorman, PC and Day Pitney LLP revise
their respective tax opinions as requested to clarify that the discussion, descriptions of law and legal conclusions contained in the &#147;Tax Consequences of the Merger Generally&#148; section represent their opinion that such discussion,
descriptions of law and legal conclusions constitute a fair and accurate summary of the material United States federal income tax consequences of the merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not foreclose the Commission from taking any action with respect to the filing; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective, does not relieve the Company from its full responsibility for the adequacy and accuracy of the
disclosure in the filing; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top">the Company may not assert staff comments and the declaration of effectiveness as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thank you for your consideration of our responses. If you have any questions or would like additional information, please contact me by
telephone at (781)&nbsp;982-6158 or by e-mail at edward.seksay@rocklandtrust.com, or Michael T. Rave, Esq. of Day Pitney LLP, the Company&#146;s outside legal counsel, by telephone at (973)&nbsp;966-8123 or by e-mail at mrave@daypitney.com. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ Edward H. Seksay</TD></TR>
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<TD VALIGN="top">Edward H. Seksay, Esq.</TD></TR>
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<TD VALIGN="top">General Counsel</TD></TR>
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<TD VALIGN="top">cc:</TD>
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<TD VALIGN="bottom">Michael T. Rave, Esq., Day Pitney LLP</TD></TR>
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