Rockland Trust and Metro Credit Union partner in unique, community-minded agreement to preserve jobs
September 16, 2021
Rockland, MA – September 16, 2021 – Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, and Metro Credit Union today announced an agreement whereby Metro Credit Union will acquire four of the East Boston Savings Bank branch locations that Rockland Trust previously announced would be closing following the Bank’s impending acquisition of East Boston Savings Bank. The mutually beneficial transaction will enable further retention of jobs for former East Boston Savings Bank employees and will enable Metro Credit Union to expand as Massachusetts’ largest state-charted credit union.
With this transaction, Metro will acquire four physical branch locations and the employees working within them, enabling Metro to open two new locations at 960 Morrissey Boulevard in Dorchester and 1985 Centre Street in West Roxbury and relocate two existing branch locations in Burlington and Melrose to 50 Summit Drive and 108 Main Street, respectively.
The four locations are scheduled to open as Metro branches in early 2022. The closing of the four branches by Rockland Trust and the opening of the four new branches by Metro is subject to receipt of customary regulatory approvals. The sale transaction between Rockland Trust and Metro is structured as an assignment of the applicable leases and is limited to the physical branch facilities, as Rockland Trust intends to maintain the existing customer relationships.
As part of the agreement, Rockland Trust and Metro Credit Union agreed that employees working within those branches at the time of the East Boston Savings Bank acquisition will be extended job offers with Metro, subject to a background check. Additionally, branch employees at these locations will receive a generous severance package from Rockland Trust during the bridging period.
“We approached this branch sale with the priority of securing as many jobs as possible, while minimizing the disruption to the neighborhoods around these branches,” said Robert Cozzone, Chief Operating Officer and Executive Vice President of Consumer and Business Banking at Rockland Trust. “We share and appreciate Metro’s high level of commitment to customers and employees, and we’re grateful this agreement will benefit the communities we serve.”
In addition to these four locations, Metro plans to open two additional new offices in the fall of 2021 – a new location on Main Street in Reading, and a second Peabody location on Andover Street. In total, Metro plans to open six new locations over the next six months, bringing its branch network to 18 locations.
“Metro has stayed strong and not wavered over the past year. In doing so, we have been able to maintain and build upon our strong foundation,” said Robert Cashman, President & CEO, Metro Credit Union. “With these new locations, Metro will serve the needs of local neighborhoods in terms of banking options, while also offering jobs and supporting communities. Each new branch is a terrific opportunity on many levels for everyone involved. We’re excited to welcome to the Metro family, new members and employees at these locations.”
By expanding and enhancing its network, the almost 100-year-old financial institution is able to provide a greater reach of banking services to its existing membership, while also offering additional financial product and service options to new communities and markets.
The sale of the branch locations is slated to take place before the end of the year, and is planned to occur shortly after Rockland Trust’s acquisition of East Boston Savings Bank. The closing of Rockland Trust’s acquisition of East Boston Saving Bank remains subject to the receipt of regulatory approvals which are currently pending. Rockland Trust will also invite Metro to a job fair for any East Boston Savings Bank employee that has not yet been offered a job at Rockland Trust.
“This deal is quite unusual, and was only possible because Metro is a local, community financial institution with values similar to ours,” said Christopher Oddleifson, Chief Executive Officer at Rockland Trust. “Both institutions share in the belief that banking is about more than transactions, and understand that it’s the people and the connections we build that make the work we do meaningful.”
About INDB and Rockland Trust
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. 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, 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. Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating received 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.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by such forward-looking terminology as “expect,” “achieve,” “plan,” “believe,” “future,” “positioned,” “continued,” “will,” “would,” “potential,” or similar statements or variations of such terms. These statements include the statements regarding the planned closing of the Rockland Trust and East Boston Savings Bank merger and the closing of the branches in connection with the closing of the merger. Actual results may differ from those contemplated by these forward-looking statements. Independent Bank Corp. (the “Company”) wishes to caution readers not to place undue reliance on any forward-looking statements as the Company’s business and its forward-looking statements involve substantial known and unknown risks and uncertainties including the receipt of regulatory approvals approving the merger and the closing of the branches and other risks and uncertainties described in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q (“Risk Factors”). Except as required by law, the Company disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise. Any public statements or disclosures by the Company following this release which modify or impact any of the forward-looking statements contained in this release will be deemed to modify or supersede such statements in this release. In addition to the information set forth in this press release, you should carefully consider the Risk Factors.
About Metro Credit Union
Metro Credit Union is the largest state-chartered credit union in Massachusetts, with $2.4 billion in assets. Metro provides a full range of financial products to close to 200,000 members in Essex, Middlesex, Suffolk, Norfolk, Plymouth, Barnstable, Bristol and Worcester counties in Massachusetts, and Rockingham and Hillsborough counties in New Hampshire, as well as to employees of over 1,200 companies through its Metro@work program.
Founded in 1926, Metro currently operates 19 branch offices in Boston, Burlington, Chelsea, Dorchester, Framingham, Lawrence, Lynn, Medford, Melrose, Newton, Peabody, Reading, Salem, Tewksbury, West Roxbury, and coming soon to Medford. Metro is also a Juntos Avanzamos (“Together We Advance”) designated credit union, an honor given to financial institutions for their commitment to serving and empowering Hispanic and immigrant consumers. Metro was recently named among the most charitable companies in Massachusetts by the Boston Business Journal. Learn more at MetroCU.org and connect with us on LinkedIn.
Metro Credit Union