
The sign on a Rockland Trust branch in downtown Boston. Photo by James Sanna | Banker & Tradesman Staff / file
Rockland Trust says it will lay off 125 Enterprise Bank workers when it closes its acquisition of the latter, according to a Worker Adjustment and Retraining Notification Act alert filed with state officials.
“The recently filed state WARN notice reflects that up to 125 positions, primarily within overlapping operational functions, may be affected as part of our planned merger with Enterprise Bank,” Rockland’s Chief Human Resource Officer Maria Harris said. “At this time, we’ve extended offers to more than 71% of colleagues, with additional offers expected in the coming weeks. We are also actively interviewing Enterprise colleagues for open roles across the organization, with priority consideration.”
The layoff alert was first reported by the Boston Business Journal.
When the merger was announced, Rockland Trust noted that it didn’t plan to close any Enterprise Bank branches and CEO Jeffrey Tengel said the bank intends to maintain a significant presence in Lowell despite consolidating its headquarters operations in a new facility.
However, it did tell investors it expected to be able to find cost reductions equivalent to around 30 percent of Enterprise’s annual operating costs.
The merger is still awaiting regulatory approval but was expected to close in the third quarter of this year when the deal was first announced in December
The layoffs are affecting employees at three locations in Lowell: Enterprise’s main headquarters, a secondary back-office location elsewhere in downtown Lowell and a nearby mortgage loan center.
Still, Harris said that no Enterprise branches will be closed. The two banks’ branch networks largely do not overlap, and many of Enterprise’s locations are in southern New Hampshire.