Rockland finalizes Peoples acquisition

BOSTON – Rockland Trust Co. finalized its acquisition of Peoples Federal Savings last month taking over eight new branches in the Greater Boston Area.
Rockland Trust, subsidiary of Independent Bank Corp., has now set up shop in Boston neighborhoods Allston, Brighton, West Roxbury and Jamaica Plain along with Brookline, Norwood, Newton and Westwood absorbing Peoples Federal Savings customers. Rockland Trust President and CEO Christopher Oddleifson pledged in a statement the bank would provide “exemplary customer service.”
“We look forward to becoming a trusted partner in these neighborhoods. Giving back is a vital part of our culture and we’re excited about working with our new neighbors to support these communities,” Oddleifson said.
Prior to the acquisition, Rockland Trust opened a Boston-based investment management and commercial lending office in 2013, but moving the banks into the city represents a big move for the financial institution. It will now face bigger Boston competitors, including East Boston Savings Bank, Century Bank and national and international players, such as Bank of America, Citizens Financial Group Inc., and Santander Bank.
The acquisition increases Rockland Trust total assets to about $7 billion with 87 branches in Massachusetts and Rhode Island.
Joining Rockland Trust from Peoples Federal Savings Bank includes Jim Gavin and Christopher Lake. Gavin is now senior vice president of commercial lending and Lake is senior vice president and director of Enterprise Risk Management.

No posts to display