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Independent, Central Bancorp Hit With Class Action Suit Over Acquisition

Jul 23, 2012 | Reprints | Unlock Link | Print

Independent Bank Corp. and Central Bancorp Inc. have acknowledged that a class action lawsuit has been filed on behalf of Central stockholders.

Independent, parent of the Rockland Trust Co., plans to acquire Central for about $55 million, or about $32 per share.

The lawsuit was filed at Middlesex Superior Court last Tuesday, the court confirmed.

The $5 billion Independent last week reported a 20 percent decline in its second quarter profit, including a large loan charge-off and nearly $700,000 in expenses related to the Central acquisition.

Check in with https://bankerandtradesman.com/ for more details as they become available.

Banking & Lending