Business
Independent Bank Corp. and Rockland Trust Complete Meridian Bancorp, Inc. and East Boston Savings Bank Acquisition
Rockland Trust Surpasses $20 Billion in Assets ROCKLAND, Mass.--(BUSINESS WIRE)-- Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
About this update from Independent Bank Corp.
[{"type":"text","content":"\nRockland Trust Surpasses $20 Billion in Assets\n\n ROCKLAND, Mass.--(BUSINESS WIRE)--\nIndependent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced the closing of its acquisition of Meridian Bancorp, Inc., parent of East Boston Savings Bank, and Rockland Trust’s acquisition of East Boston Savings Bank.\n\nThe combination reinforces Rockland Trust’s position as the Boston area’s premier community-focused commercial bank.\n\n“We heartily welcome the customers of East Boston Savings Bank to Rockland Trust, and we look forward to demonstrating our shared commitment to the highest standards of customer service. We remain excited about the strategic benefits of this transaction and are eager to get started unlocking the opportunities resulting from the combination of two leading franchises and increased scale, including expansion of Rockland’s broad financial product set to an expanded business and consumer customer base,” said Christopher Oddleifson, the Chief Executive Officer of Independent Bank Corp. and Rockland Trust Company.\n\nThe conversion of East Boston Savings Bank customer accounts to Rockland Trust’s systems will occur during this coming weekend and be completed prior to branches opening for business on November 15, 2021. Rockland Trust customers will not be impacted by the conversion.\n\nAt the effective time of the merger, which will occur today shortly before midnight, each Meridian Bancorp share will be exchanged for .2750 of a share of Independent’s common stock. Meridian Bancorp shareholders will receive cash in lieu of fractional shares in accordance with the merger agreement. As a result of the merger, former Meridian Bancorp shareholders will receive approximately 14.3 million shares of Independent common stock in the aggregate.\n\nKeefe, Bruyette & Woods, a Stifel Company, acted as financial advisor to Independent and Wachtell, Lipton, Rosen & Katz served as legal counsel. Raymond James & Associates, Inc. acted as financial advisor to Meridian and Luse Gorman, PC served as legal counsel.\n\nAbout Independent Bank Corp. and Rockland Trust\n\nIndependent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe's \"To...