The sign on a Rockland Trust branch in downtown Boston. Photo by James Sanna | Banker & Tradesman Staff / file

Rockland Trust has completed its acquisition of Enterprise Bank, with Enterprise shareholders receiving 7.5 million shares of Independent common stock and approximately $25.8 million in cash.

The cash payment was $1.3 million less than originally anticipated. The merger was originally expected to close in the third quarter.

“Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses,” Rockland Trust President and CEO Jeffrey Tengel said in statement. “We look forward to extending Rockland Trust’s footprint in northern Massachusetts, as well as entering the New Hampshire market. Together, our combined institution will bring expanded convenience and additional products and services to the communities we are proud to serve.”

Along with the completion of the acquisition, Rockland Trust appointed Enterprise Bank board members Kenneth Ansin and Joseph Lerner to the board of its holding company, Independent Bancorp and as members of the bank’s board of directors.

George Duncan, chairman and founder of Enterprise Bank, will act as a consultant to Rockland Trust’s board for one year to support the transition and integration.

Ansin first joined the Enterprise Bank board in 1995 and is president of Ansin Consulting Group. Lerner, also a current Enterprise board member, is currently the managing partner of 819 Energy LLC and managing director of 819 Capital LLC, which invests in real estate, energy and other sectors.

Rockland Trust said the systems conversion is scheduled for the weekend of Oct. 11.

Rockland has told state labor officials it plans to lay off 125 Enterprise Bank staffers as part of consolidation and cost-saving measures.