By Michael P. Norton, State House News Service
Once its newly announced acquisition of Blue Hills Bank takes effect, Rockland Trust expects to have more than $11 billion in assets, the most bank branches of any bank headquartered in Massachusetts, and a presence on both Martha's Vineyard and Nantucket.
Rockland Trust, which has a branch in Hull, last week announced merger plans with Blue Hills Bank, which was founded in 1871 as Hyde Park Savings Bank. Blue Hills Bancorp, with headquarters in Norwood, operates branches in Boston, Dedham, Hyde Park, Milton, Norwood, West Roxbury, Westwood, and Nantucket. As of June 30, Blue Hills Bancorp had $2.7 billion in assets.
Independent Bank Corp., the parent company of Rockland Trust, estimates the value of the Blue Hills Bank transaction at about $726 million.
The boards of each company have unanimously approved the transaction, according to Rockland Trust. “Our transaction with Blue Hills Bank is a natural fit and is consistent with our strategy of acquiring banks in overlapping and adjacent markets,” said Christopher Oddleifson, president and CEO of Independent and CEO of Rockland Trust. “Blue Hills Bank is a strong, well run, growing company with a tremendous franchise. This acquisition will strengthen the position of Rockland Trust in Eastern Massachusetts and also permit us to expand onto Nantucket Island.”
Rockland Trust, which is in the process of acquiring The Milford National Bank & Trust Company, expanded to Martha's Vineyard in 2017 with the acquisition of The Edgartown National Bank.