Rockland Trust is planning to lay off 80 people from Blue Hills Bank once it completes its acquisition of the company, as a result of duplicate back office jobs that Rockland already has filled and does not need additional staff for.

The bank made the announcement in a recent state regulatory filing, saying it would lay off 41 employees by April 1 and an additional 39 workers between May 2019 to January 2020.

The bank did add that it has a number of vacancies it is trying to fill, and is giving preference to Blue Hill Bank employees for interviews.

“We have successfully placed 144 [Blue Hills] employees to date and are continuing to actively work with each individual in looking for comparable roles,” Ellen Molle, vice president of marketing and public relations at Rockland Trust, told Banker & Tradesman. “Currently we have more than 90 open positions at the bank. Employment resources are being provided as well, including resume building, LinkedIn training and an internal career fair.”

The parent company of Rockland Trust announced in September that it would acquire the parent company 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 new entity will give Rockland the largest deposit share in Massachusetts, the largest branch network and bring the company to over $11 billion in assets.

As the acquisition continues to play out, another key part of the deal to keep an eye on will be whether Rockland consolidates any of Blue Hills’ branches.

Rockland CEO and President Chris Oddleifson previously said he expected some consolidation due to Blue Hills branches in close proximity to Rockland branches, including in Norwood and West Roxbury. But Oddleifson said he expects the majority of Blue Hills branches to remain open.

The deal is expected to close in the first half of this year.

Rockland Trust to Cut 80 Blue Hills Bank Employees as Result of Acquisition

by Bram Berkowitz time to read: 1 min
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