The merger of Michigan-based Independent Bank and Massachusetts-based Blue Hills Bancorp has received the green light from regulators.
Under the agreement, Independent will snap up Blue Hills.
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On the other hand, Independent subsidiary Rockland Trust Company will take over Blue Hills Bank- a subsidiary of Blue Hills.
The deal, valued at around $726.5m, was first announced in September last year.
At the time of deal announcement, Independent president and CEO and Rockland Trust CEO Christopher Oddleifson said: “Blue Hills Bank is a strong, well run, growing company with a tremendous franchise.
“This acquisition will strengthen the position of Rockland Trust in Eastern Massachusetts and also permit us to expand onto Nantucket Island.”
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By GlobalDataBlue Hills Bancorp managed $2.7bn in assets, $2.3bn in loans, and $2.1bn in deposits at the end of June 2018.
It has presence in Boston, Dedham, Hyde Park, Milton, Norwood, West Roxbury, Westwood, and Nantucket Island.
The transaction got the go-ahead from shareholders this January.
As per the agreed terms of the transaction, stockholders of Blue Hills will be entitled to receive 0.2308 of a share of Independent common stock along with a cash payment of $5.25 for each share held.
The deal is expected to be wrapped up on 1 April 2019.
