February 17, 2009
Ben Franklin Acquisition Passes With Rockland Shareholders
By Matthew L. Brown
Shareholders of Independent Bank Corp. of Rockland have approved the company's acquisition of Benjamin Franklin Bancorp Inc., parent of Franklin-based Benjamin Franklin Bank.
Independent Bank Corp. is the holding company for Rockland Trust Co. The company said shareholders representing more than 80 percent of Independent's outstanding common shares voted to approve the acquisition.
The transaction is expected to close upon regulatory approval and other closing conditions.
The acquisition is valued at about $125 million and was announced in November. Benjamin Franklin has 11 branches. Rockland Trust has 76.
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