Independent Bank has secured shareholders’ nod to advance with the acquisition of Meridian Bancorp.
The deal was approved by the shareholders at a special meeting this week.
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In a separate meeting, Meridian Bancorp shareholders also green lighted the $1.15bn transaction.
The deal still requires regulatory approval to complete apart from other closing conditions. Independent and Meridian expect the transaction to close in the fourth quarter of this year.
In April, Independent Bank, parent of Rockland Trust Company, signed a deal to purchase Meridian Bancorp.
As agreed, Meridian Bancorp’s East Boston Savings Bank will merge with and into Rockland Trust.
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By GlobalDataOnce complete, the deal will further bolster Rockland Trust’s footprint increasing its assets to more than $20bn.
Rockland Trust offers banking, investment and insurance services to businesses and individuals. The bank has around 100 retail branches, commercial and residential lending centres and investment management offices.
This year, M&A activities in the US community banking space have picked as the economy seeks to recover from the impact of Covid-19 pandemic.
Recently, Citizens Financial Group signed a deal to acquire Investors Bancorp for $3.5bn. The transaction will add 154 branches to Citizens’ network.
Separately, First Mid Bancshares will purchase Delta Bancshares Company for $106.3m, while Valley Republic Bancorp will be acquired TriCo Bancshares.
