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ROCKLAND, Mass. & LOWELL, Mass. - Independent Bank Corp. (NASDAQ:INDB), the parent company of Rockland Trust Company, and Enterprise Bancorp, Inc. (NASDAQ:EBTC), the parent of Enterprise Bank and Trust Company, have announced that all necessary regulatory approvals have been obtained for Independent’s proposed acquisition of Enterprise. The transaction is anticipated to be finalized on July 1, 2025, provided all remaining customary closing conditions are met.
Jeffrey Tengel, Chief Executive Officer at Rockland Trust, expressed confidence in the merger, noting the significance of the milestone and the potential benefits for stakeholders. "Securing all required regulatory approvals is a significant milestone and the result of thoughtful collaboration between our two organizations," said Tengel. He emphasized the importance of the people behind the merger, including colleagues, customers, and communities, and the goal to grow as a community-oriented bank. Enterprise’s strong financial foundation is evident in its 20-year history of consecutive dividend increases, as highlighted by InvestingPro analysis.
Steven Larochelle, Chief Executive Officer at Enterprise Bank, also commented on the merger, highlighting the shared values between the two banks and their commitment to serving their communities. "This integration brings together two banks with shared values and a commitment to serving others," Larochelle stated.
Independent Bank Corp., listed on the NASDAQ Global Select Market, is a full-service commercial bank headquartered in Massachusetts. It provides a wide range of banking, investment, and insurance services through its branches and offices in Eastern Massachusetts and Worcester County, as well as in Rhode Island.
Enterprise Bancorp, Inc. has a history of 142 consecutive profitable quarters and operates primarily through Enterprise Bank. The bank is engaged in attracting deposits and investing in commercial loans and investment securities, with a range of banking products and services offered to its customer base in Massachusetts and New Hampshire.
The completion of the acquisition is subject to customary closing conditions. The information in this article is based on a press release statement.
In other recent news, Enterprise Bancorp has been active with several key developments. Shareholders of Enterprise Bancorp approved a merger with Independent Bank Corp., which was decided during a special virtual meeting. The merger is expected to close in the second half of 2025. Additionally, the company announced the approval of its 2025 Variable Compensation Incentive Plan for employees, which includes performance-based incentives for executives and stock grants tied to earnings per share targets.
Furthermore, Enterprise Bancorp declared a quarterly dividend of $0.25 per share, payable to shareholders of record as of May 12, 2025. In a separate annual meeting, shareholders confirmed the election of six board-nominated directors and expressed strong support for the executive compensation plan. The appointment of RSM US LLP as the independent accounting firm for the fiscal year was also ratified. These developments indicate Enterprise Bancorp’s strategic moves and commitment to aligning executive compensation with shareholder interests.
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