Independent Bank’s subsidiary Rockland Trust Company has agreed to sell four former East Boston Savings Bank branches to HarborOne Bancorp.
The four branches are located in Brighton, Cambridge and Brookline in Massachusetts.
The move comes after reports that Rockland Trust is planning to close some East Boston locations which overlap with its own branch network.
The completion of the deal is subject to contingencies. It is expected to close after Rockland Trust completes its previously announced acquisition of East Boston savings bank.
Meanwhile, the branch deal will extend HarborOne’s footprint in Greater Boston. The locations generated around $370m in loans outstanding and more than $100m in deposit relationships.
HarborOne Bank president and CEO Joe Casey said: “These new branches will expand our Greater Boston regional presence at a time of substantial market disruption caused by the sale of several community banks.
“We believe our experienced neighbourhood banking teams will be in a unique position to provide the personal, consultative banking services that we are known for, and customers will come to trust the overall banking experience that we deliver.”
The new HarborOne branches will offer retail and consumer banking as well as small business and commercial banking services.
HarborOne will also acquire the leases to the East Boston branches, along with the furniture, fixtures and equipment. The lender will retain the former East Boston Savings Bank staff working at these locations.
Notably, Independent Bank signed a deal in April to purchase East Boston-parent Meridian Bancorp for $1.15bn. The deal received shareholders’ nod last month.