Rockland Trust

The parent company of Rockland Trust has received all regulatory approvals and will close on its acquisition of the parent company of Blue Hills Bank on April 1, both companies said in a joint statement yesterday.
The deal was first announced last September in one of the biggest acquisitions in Massachusetts in recent years. The parent company of Rockland Trust purchased the parent of Blue Hills Bank in a part-cash, part-stock transaction valued at nearly $730 million, representing 178 percent of Blue Hills Bancorp’s current tangible book value.
The deal gave Rockland the largest deposit share in Massachusetts, the largest branch network and will bring the company over $11 billion in assets once its complete. It also helped Rockland bulk up its presence in Boston and on Cape Cod.
Since announcing the acquisition, there has been some consolidation.
Rockland Trust said in February that it would lay off 80 people from Blue Hills Bank once it completes the acquisition as a result of duplicate back office jobs that Rockland already has filled and does not need additional staff for. The bank said 41 of those employees would be laid off by April 1 and an additional 39 workers between May 2019 to January 2020.

Rockland Trust also said it would close at least three branches as part of the acquisition. Two will be Rockland Trust branches in West Roxbury and Westwood, while one will be a Blue Hills Bank branch in Norwood. Rockland and Blue Hills both had branches nearby in West Roxbury and Westwood.

Rockland Trust Parent to Close on Acquisition of Blue Hills Bank April 1

by Bram Berkowitz time to read: 1 min