Rockland Trust Co. remains open to mergers in the coming years, but changing economic conditions could see the bank taking a different approach to possible deals.
As more banks reduce or eliminate overdraft and nonsufficient funds fees, Rockland Trust Co. has taken steps to evaluate the future of these fees for their customers.
The two mergers involving four of largest Massachusetts-based stock banks were completed on Friday as expected, bringing an end to two long-time fixtures in Greater Boston’s banking landscape.
Greater Boston’s banking landscape will experience a dramatic shift this Friday as two of the region’s largest bank mergers in recent years will take place that day.
Despite not yet receiving state regulatory approval to acquire East Boston Savings Bank, Rockland Trust Co. still expects to close the deal in the middle of next month.
Rockland Trust Co. and East Boston Savings Bank have received approval from the Federal Reserve Board for their merger.
Susan Perry O’Day, president of Boston-based commercial real estate investment and services firm A.W. Perry, has been named to the board of directors for Rockland Trust Co. and its parent, Independent Bank Corp.
Rockland Trust Co.’s acquisition of East Boston Savings Bank moved a step closer to completion yesterday as shareholders of both banks approved the deal.
Rockland Trust Co. remains on track to complete the East Boston Savings Bank acquisition later this year, and the bank plans to continue to look for merger opportunities in the coming years.
The merger of East Boston Savings Bank and Rockland Trust will result in 18 branch closings, including nine locations in Boston, according to the public notice for the proposed merger.
A stalemate over pricing in early February initially thwarted Rockland Trust’s attempt to acquire East Boston Savings Bank before talks resumed a few weeks later, according to a new SEC filing.
Opportunities to expand commercial banking and wealth management products in Boston and the North Shore are key reasons behind Rockland Trust Co.’s decision to acquire East Boston Savings Bank.
The parent company of Rockland Trust Co. has agreed to acquire East Boston Savings Bank in a deal valued at $1.15 billion.
While Rockland Trust Co. saw earnings drop more than 26 percent in 2020 compared to 2019, the amount of its loan portfolio receiving COVID-related modifications improved in the fourth quarter.
Despite uncertainty related to the pandemic, Rockland Trust’s CEO said the bank would consider making an acquisition, including a large one, in the current environment.
Berkshire Bank saw the impact of CECL implementation and the coronavirus pandemic in its earnings, as the Boston-based bank suffered losses in the first quarter. Berkshire had a net loss of $19.9 million in the first quarter compared to net income of $25.8 million in the fourth quarter.
William Parent, the former president and CEO of Blue Hills Bank, has resigned from Rockland Trust’s board of directors effective immediately.
In a year that included the acquisition of Blue Hills Bank, Rockland Trust Co. saw year-over-year earnings increase in 2019. But fourth quarter results declined from the previous quarter.
Retired real estate developer Brian S. Tedeschi has decided to resign from Rockland Trust Company’s board of directors after 40 years.
Rockland Trust expects to open its first Worcester retail branch in January and could add more retail locations there in the next 12 to 18 months.