Commenting on the deal, Rockland Trust president and chief executive officer Christopher Oddleifson said, "The demographics of our new territory are very attractive, and we anticipate that this acquisition will be immediately accretive and deliver solid returns to our shareholders."
Upon the completion of the acquisition, Central Bancorp was merged with and into Independent Bank, while Central Bank merged with and into Rockland Trust.
Central Bank will operate under its name but as a division of Rockland Trust until the customer and facilities conversion gets completed in the first quarter of 2013. The conversion of the nine former Central Bank branches into Rockland Trust branches is also expected close in the same quarter.
Under the terms of the acquisition, former Central director John Morrissey has been named as Class I director of Independent Bank, who will continue until 2015 annual shareholder meeting. In addition, Morrissey has been appointed as a director of Rockland Trust.
Independent Bank manages nearly $5.7bn in assets and its subsidiary Rockland Trust provides commercial banking, retail banking, business and consumer loans, insurance products and services, and investment management services.
Central Bank offers savings and checking accounts for retail and business customers, mortgage loans for constructing, purchasing and refinancing residential and commercial properties and education loans, among others.
