Rockland Trust buys East Boston Savings Bank in $1B deal
Photo | Grant Welker
Rockland Trust's branch on Grove Street in Worcester
Rockland Trust, the fast-expanding South Shore bank that moved into Central Massachusetts in a 2018 acquisition has now paid more than $1 billion to more aggressively move into Boston and surrounding communities.
A $1.15-billion deal announced Thursday by Rockland Trust and East Boston Savings Bank gives Rockland the Peabody-based bank's 42 banking locations and $6.5 billion in assets. Following the merger, Rockland will be worth around $20 billion in assets and have dozens of new locations in Boston and northern suburbs from Burlington to Salem.
The merger, which has already been approved by both banks' boards of directors, still requires regulatory approval. The banks said the deal is expected to close in the fourth quarter.
Rockland Trust has been growing steadily through a series of acquisitions in the past few years, particularly south of Boston and on Cape Cod. It bought Benjamin Franklin Bank of Franklin in 2009 and Milford National Bank in 2018 and opened its first Worcester branch that year. It now has eight Central Massachusetts locations, including a Shrewsbury branch opened at Lakeway Commons earlier this spring.
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