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.”
