Rockland, MA – September 23, 2021 – Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, and HarborOne Bancorp, Inc. (NASDAQ: HONE), the holding company of HarborOne Bank, have announced an agreement whereby HarborOne 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. Similar to the recently announced transaction with Metro Credit Union, the branch transfers will enable Rockland Trust to support further retention of jobs for former East Boston Savings Bank employees.
With this transaction, HarborOne will acquire four physical branch locations and welcome the employees working within them. Those locations include existing East Boston Savings Bank branches located at 1952-1956 Beacon Street, Brighton; 1608 Commonwealth Avenue, Brighton; 473 Harvard Street, Brookline; and 1739 Massachusetts Avenue, Cambridge.
The closing of the four branches by Rockland Trust and the opening of the four new branches by HarborOne is subject to receipt of customary regulatory approvals, and the transaction between Rockland Trust and HarborOne is limited to the physical branch facilities as Rockland Trust intends to maintain the existing customer relationships.
“Due to the considerable overlap in Rockland Trust and East Boston Savings Bank’s respective footprints, we knew that branch closures were inevitable, but we were determined to explore ways to minimize the employee and community impact,” said Robert Cozzone, Chief Operating Officer and Executive Vice President of Consumer and Business Banking at Rockland Trust. “It is very rare for competitors in the financial services industry to come together in an agreement like this, but we’re confident that by entering into transactions with Metro Credit Union and HarborOne to transfer these locations, we are doing what’s right for the colleagues who work in these branches and the neighborhoods these branches serve.”
Earlier this month, Rockland Trust announced a similar agreement with
Metro Credit Union on the transfer of four East Boston Savings Bank branches. As part of both agreements, Rockland Trust ensured that all employees working within the eight branches at the time of the East Boston Savings Bank acquisition will be extended job offers with Metro and HarborOne respectively, subject to a background check. Additionally, all branch employees at these locations will receive a severance package which will ensure salary and benefits continuation during any bridging period.
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 Credit Union and HarborOne to a job fair for any East Boston Savings Bank employee that has not yet been offered a job at Rockland Trust.
