Rockland Trust parent shareholders approve $1B Boston bank merger
Photo | Grant Welker
Rockland Trust's branch on Grove Street in Worcester
Independent Bank Corp., the parent company of the Rockland Trust bank, received shareholder approval for its $1.15-billion merger with the parent company of East Boston Savings Bank, according to a Thursday announcement.
Although headquartered in Rockland, the Rockland Trust Co. has seven branches in Central Massachusetts and $730 million in local deposits, according to the Federal Deposit Insurance Corp.
While the merger is still subject to regulatory approval, Rockland-based Independent Bank Corp. and Peabody-based Meridian Bancorp Inc. anticipate completing the transaction in the fourth quarter.
Through the marriage of these two companies, Rockland said overlapping positions may result in employees being laid off, although it will look for open positions at its various locations, according to a statement given on Friday.
“This merger is consistent with our strategy of acquiring banks that match our relationship-oriented banking style, serve communities adjacent or within our market, and share our employee-centric values,” Rockland Trust said.
Meridian Bancorp, Inc. is the holding company for East Boston Savings Bank, a Boston-based bank with 43 branches throughout Greater Boston.
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