Seabury Asset Management LLC signed an asset purchase agreement to acquire Mepco Finance Corporation from Independent Bank Corporation for $34 million.

Seabury Asset Management LLC signed an asset purchase agreement to acquire Mepco Finance Corporation from Independent Bank Corporation (NasdaqGS:IBCP) for $34 million on December 30, 2016. Under the terms of the agreement, Mepco Finance Corporation is selling $30.6 million of net payment plan receivables, $0.8 million of commercial loans, $0.2 million in furniture and equipment, and $1.7 million of other assets to Seabury, who also will assume $0.7 million of specified liabilities. Seabury Asset Management LLC is paying net book value for the assets being acquired, assuming Mepco's lease for office space in Chicago and retaining most of Mepco's employees. Mepco Finance Corporation will be renamed "IB Holding Company" at closing. During 2016 Mepco had $3.59 million of net interest income, $4.25 million of non-interest expense and a net after tax loss of $0.35 million. The closing is subject to various conditions, including the ability of Mepco to assign certain specified contracts to Seabury. The transaction is expected to close by March 7, 2017.