Independent Bank Corp., parent of Rockland Trust Company, closed its acquisition of Meridian Bancorp, parent of East Boston Savings Bank.
“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,” Christopher Oddleifson, CEO of Independent Bank Corp. and Rockland Trust Company, said.
The conversion of East Boston Savings Bank customer accounts to Rockland Trust’s systems occurred over the weekend. Rockland Trust customers will not be impacted by the conversion.
At the effective time of the merger, each Meridian Bancorp share was exchanged for 0.2750 of a share of Independent’s common stock. Meridian Bancorp shareholders will receive cash in lieu of fractional shares in accordance with the merger agreement. As a result of the merger, former Meridian Bancorp shareholders will receive approximately 14.3 million shares of Independent common stock in the aggregate.
Keefe, Bruyette & Woods acted as financial advisor to Independent and Wachtell, Lipton, Rosen & Katz served as its legal counsel. Raymond James & Associates acted as financial advisor to Meridian and Luse Gorman served as its legal counsel.