Independent Bank Corp. To Acquire Ben Franklin Bank
Independent Bank Corp., the Rockland-based parent of Rockland Trust Co., has agreed to acquire Benjamin Franklin Bancorp. Inc. of Franklin.
The banks said the acquisition is valued at about $125 million, or $15.77 million per share of Benjamin Franklin Bancorp. Under terms of the agreement, each Benjamin Franklin share will be converted into .59 shares of Independent Bank Corp. stock.
Benjamin Franklin Bank has about $1 billion in assets and has 11 branches in Franklin, Bellingham, Foxborough, Medfield, Milford, Newtonville, Waltham, Watertown and Wellesley. Rockland Trust Co., which is Independent Bank Corp.'s sole bank subsidiary, has about $3.5 billion in assets and has 76 branches, commercial lending centers and investment management offices throughout southeastern Massachusetts and Cape Cod.
The transition has been approved by the boards of directors of the two companies but is still subject to regulatory and shareholder approvals. The companies said they anticipate closing the transaction in the second quarter of 2009.
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