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News

Dec 13, 2024Blog | Member News, Financial Services

Rockland Trust to merge with Lowell-based bank

Boston Business Journal

New England Council member Rockland Trust Co. and its parent company plan to acquire Enterprise Bank and Trust in a cash and stock deal valued at $562 million, according to a recent statement from the financial institutions.

Under the merger agreement, Enterprise Bank would merge into Rockland Trust and become part of its parent company. The merger is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals and approval of Enterprise shareholders. Rockland Trust is the sixth-largest bank in the Commonwealth of Massachusetts and does not plan to close any of its 27 branches, intending to maintain a significant presence in Lowell.

“Enterprise Bank is the perfect merger partner for Rockland Trust, consistent with all aspects of our outstanding long-term merger track record. Rockland Trust and Enterprise Bank share a deep commitment to strengthening our local communities by putting people and relationships first. Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses,” said Jeffrey Tengel, president and CEO of Independent Bank Corp.

The New England Council congratulates Rockland Trust and Enterprise Bank on this new agreement.

Read more in the Boston Business Journal.

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