Independent Bank, the parent of Rockland Trust Company, has completed its previously announced acquisition of Meridian Bancorp.
Concurrently, Rockland Trust Company has also completed the purchase of Meridian subsidiary East Boston Savings Bank.
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The deal closed nearly seven months after Independent Bank agreed to acquire Meridian Bancorp in a $1.15bn deal.
As agreed, every Meridian Bancorp share was exchanged for 0.2750 of a share of Independent’s common stock.
Overall, former Meridian Bancorp shareholders will receive around 14.3 million shares of Independent common stock.
As part of the merger, all East Boston Savings Bank customer accounts were also converted to Rockland Trust’s systems.
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By GlobalDataCommenting on the closure, Independent Bank and Rockland Trust Company CEO Christopher Oddleifson said: “We heartily welcome the customers of 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 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.”
With the deal now complete, Rockland Trust has more than $20bn in assets. It further bolsters its position as premier community-focused commercial bank in the Boston Area.
