Independent Bank Corp. (NASDAQ Global Select Market: INDB)
(“Independent”), parent of Rockland Trust Company, and Meridian
Bancorp, Inc. (NASDAQ Global Select Market: EBSB) (“Meridian”),
parent of East Boston Savings Bank, jointly announced that, at
their respective special meetings of shareholders today, they each
received the necessary shareholder approvals for the consummation
of the merger pursuant to which Independent will acquire Meridian.
The final vote results on the proposals voted on at the special
meetings will be set forth in the companies’ separate Form 8-Ks
filed with the SEC after certification by each company’s inspector
of elections.
Completion of the transaction remains subject to regulatory
approval and the satisfaction of the other customary closing
conditions set forth in the merger agreement. Independent and
Meridian currently anticipate completing the transaction in the
fourth quarter of 2021.
About Independent Bank Corp.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is
the holding company for Rockland Trust Company, a full-service
commercial bank headquartered in Massachusetts. Rockland Trust was
named to The Boston Globe's "Top Places to Work" 2020 list, an
honor earned for the 12th consecutive year. In 2021, Rockland Trust
was ranked the #1 Bank in Massachusetts according to Forbes World's
Best Banks list for the second year in a row. Rockland Trust has a
longstanding commitment to equity and inclusion. This commitment is
underscored by initiatives such as Diversity and Inclusion
leadership training, a colleague Allyship mentoring program, and
numerous Employee Resource Groups focused on providing colleague
support and education, reinforcing a culture of mutual respect and
advancing professional development, and Rockland Trust's
sponsorship of diverse community organizations through charitable
giving and employee-based volunteerism. In addition, Rockland Trust
is deeply committed to the communities it serves, as reflected in
the overall "Outstanding" rating in its most recent Community
Reinvestment Act performance evaluation. Rockland Trust offers a
wide range of banking, investment, and insurance services. The Bank
serves businesses and individuals through approximately 100 retail
branches, commercial and residential lending centers, and
investment management offices in eastern Massachusetts, including
Greater Boston, the South Shore, Cape Cod and Islands, Worcester
County, and Rhode Island. Rockland Trust also offers a full suite
of mobile, online, and telephone banking services. Rockland Trust
is an FDIC member and an Equal Housing Lender. To find out why
Rockland Trust is the bank "Where Each Relationship Matters®,"
please visit RocklandTrust.com.
About Meridian Bancorp, Inc.
Meridian Bancorp, Inc. (NASDAQ Global Select Market: EBSB) is
the holding company for East Boston Savings Bank. East Boston
Savings Bank, a Massachusetts-chartered stock savings bank founded
in 1848, operates 43 branches in the greater Boston metropolitan
area, including 42 full-service locations and one mobile branch.
East Boston Savings Bank offers a variety of deposit and loan
products to individuals and businesses located in its primary
market, which consists of Essex, Middlesex, Norfolk and Suffolk
Counties, Massachusetts. For additional information, visit
www.ebsb.com.
Caution Regarding Forward Looking Statements
This communication may contain forward-looking statements,
including, but not limited to, certain plans, expectations, goals,
projections, and statements about the benefits of the proposed
transaction, the plans, objectives, expectations and intentions of
Independent and Meridian, the expected timing of completion of the
transaction, and other statements that are not historical facts.
Such statements are subject to numerous assumptions, risks, and
uncertainties. Statements that do not describe historical or
current facts, including statements about beliefs and expectations,
are forward-looking statements. Forward-looking statements may be
identified by words such as expect, anticipate, believe, intend,
estimate, plan, target, goal, or similar expressions, or future or
conditional verbs such as will, may, might, should, would, could,
or similar variations. The forward-looking statements are intended
to be subject to the safe harbor provided by Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of
1995.
While there is no assurance that any list of risks and
uncertainties or risk factors is complete, below are certain
factors which could cause actual results to differ materially from
those contained or implied in the forward-looking statements:
changes in general economic, political, or industry conditions; the
magnitude and duration of the COVID-19 pandemic and its impact on
the global economy and financial market conditions and the
business, results of operations, and financial condition of
Independent and Meridian; uncertainty in U.S. fiscal and monetary
policy, including the interest rate policies of the Federal Reserve
Board; volatility and disruptions in global capital and credit
markets; movements in interest rates; reform of LIBOR; increased
competition in the markets of Independent and Meridian; success,
impact, and timing of business strategies of Independent and
Meridian; the nature, extent, timing, and results of governmental
actions, examinations, reviews, reforms, regulations, and
interpretations; the failure to obtain necessary regulatory
approvals (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction); the failure
to satisfy any of the conditions to the closing of transaction on a
timely basis or at all or other delays in completing the
transaction; the occurrence of any event, change or other
circumstances that could give rise to the right of one or both of
the parties to terminate the merger agreement; the outcome of any
legal proceedings that may be instituted against Independent or
Meridian; the possibility that the anticipated benefits of the
transaction are not realized when expected or at all, including as
a result of the impact of, or problems arising from, the
integration of the two companies or as a result of the strength of
the economy and competitive factors in the areas where Independent
and Meridian do business; the possibility that the transaction may
be more expensive to complete than anticipated, including as a
result of unexpected factors or events; diversion of management’s
attention from ongoing business operations and opportunities;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the transaction; the dilution caused by Independent’s
issuance of additional shares of its capital stock in connection
with the transaction; and other factors that may affect the future
results of Independent and Meridian. Additional factors that could
cause results to differ materially from those described above can
be found in Independent’s Annual Report on Form 10-K for the year
ended December 31, 2020 and in its subsequent Quarterly Reports on
Form 10-Q, including in the respective Risk Factors sections of
such reports, as well as in subsequent SEC filings, each of which
is on file with the Securities and Exchange Commission (the “SEC”)
and available in the “Investor Relations” section of Independent’s
website, www.rocklandtrust.com, under the heading “SEC Filings” and
in other documents Independent files with the SEC, and in
Meridian’s Annual Report on Form 10-K for the year ended December
31, 2020 and in its subsequent Quarterly Reports on Form 10-Q,
including in the respective Risk Factors sections of such reports,
as well as in subsequent SEC filings, each of which is on file with
and available in the “Investor Relations” section of Meridian’s
website, www.ebsb.com, under the heading “SEC Filings” and in other
documents Meridian files with the SEC.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
Neither Independent and Meridian assumes any obligation to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required
by federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
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Independent Bank Corp. / Rockland Trust Company:
Investor: Mark Ruggiero, Chief
Financial Officer Independent Bank Corp. (781) 982-6281
Mark.Ruggiero@rocklandtrust.com Media:
Emily McDonald, Project Manager, Marketing Strategy and Analysis
Rockland Trust Company (781) 982-6650
Emily.McDonald@rocklandtrust.com Meridian Bancorp, Inc. / East
Boston Savings Bank Investor and Media
Contact: Richard J. Gavegnano, Chairman, President and Chief
Executive Officer Meridian Bancorp, Inc. (978) 977-2211
Meridian Bancorp (NASDAQ:EBSB)
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