April 13, 2009
Rockland, Ben Franklin Merger Complete
By Matthew L. Brown
Independent Bank Corp., parent of Rockland-based Rockland Trust Co., has completed its $84.5 million acquisition of Benjamin Franklin Bancorp. of Franklin.
The transaction still needs regulatory approvals, but Rockland said it expects Benjamin Franklin to officially be merged with Rockland Trust in early May.
Thomas Venables, former Benjamin Franklin president and CEO, was appointed as an Independent director. He was also appointed to the Rockland Trust board of directors. Former Benjamin Franklin directors William P. Bissonette and Daniel F. O'Brien were also made Independent directors and named to the Rockland Trust board.
Venables became president of Benjamin Franklin in 2002.
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