Savings bank

Independent Bank Corp. and Rockland Trust complete the acquisition of East Boston Savings Bank

Independent Bank Corp., parent company of Rockland Trust Company, has completed its acquisition of Meridian Bancorp, parent company of East Boston Savings Bank.

“We warmly welcome customers from 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 look forward to starting to unlock the opportunities resulting from the combination of two leading franchises and increased scale, including the expansion of Rockland’s wide range of financial products. to a broader business and consumer base, ”said Christopher Oddleifson, CEO of Independent Bank Corp. and Rockland Trust Company, said.

The conversion of East Boston Savings Bank accounts receivable to Rockland Trust systems took place over the weekend. Rockland Trust customers will not be impacted by the conversion.

At the time of the merger, each share of Meridian Bancorp was exchanged for 0.2750 common share of Independent. Shareholders of Meridian Bancorp will receive cash instead of fractional shares in accordance with the merger agreement. As a result of the merger, the former shareholders of Meridian Bancorp will receive a total of approximately 14.3 million ordinary shares of Independent.

Keefe, Bruyette & Woods acted as financial advisor to Independent and Wachtell, Lipton, Rosen & Katz as legal advisor. Raymond James & Associates acted as financial advisor to Meridian and Luse Gorman acted as its legal advisor.


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