PROVIDENCE – Independent Bank Corp., the parent company for Rockland Trust Co., has closed its $1.2 billion acquisition of another Massachusetts bank and holding company, Independent Bank announced on Nov. 12.
Under the agreement, which was announced in April, Independent Bank Corp. acquired Meridian Bancorp Inc., the Peabody-based holding company for East Boston Savings Bank, and Rockland Trust Co. acquired East Boston Savings Bank.
With the deal now closed, Rockland Trust has surpassed $20 billion in assets, according to a news release.
East Boston Savings Bank customers’ accounts were converted to Rockland Trust’s systems as of Nov. 15, the release stated. Rockland Trust customers will not be affected by the change.
Christopher Oddliefson, CEO of Independent Bank Corp. and Rockland Trust Co., described the deal as a way to expand the company’s presence across the Greater Boston area.
“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,” Oddliefson said in a statement.
Rockland Trust Co. has eight branches across Rhode Island and Bristol County, Mass., according to the Providence Business News 2021 Book of Lists. East Boston Savings Bank has 42 full-service locations, plus three loan offices across the Greater Boston area, according to a prior news release.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
