March 21, 2016 Comments Off on Mass. Banks Sign $31M Merger Agreement Views: 424 California News, Massachusetts, National News, Northeast

Mass. Banks Sign $31M Merger Agreement

Independent Bank Corp. (parent of Rockland Trust Co. in Rockland, MA) and New England Bankcorp Inc. (which owns and operates Bank of Cape Cod in Hyannis, MA), have signed a definitive merger agreement. Under terms of the agreement, Independent will acquire New England Bancorp, with Rockland Trust acquiring Bank of Cape Cod. The transaction is estimated at $31 million.

The deal will give Rockland Trust, which is one of the largest banks in Massachusetts, four additional locations in Cape Cod, making it the third-largest bank on the Cape.

Last year, Rockland Trust acquired Peoples Federal Savings Bank, giving the company its first branches in the city of Boston. Rockland also acquired Central Bank and Benjamin Franklin Bank in recent years. CEO Chris Oddleifson said the bank would also be interested in moving into Rhode Island and New Hampshire.

Read More at Boston Business Journal

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