Enterprise Bancorp, Inc. Acquisition Approved

By Ahmed Jameison • Thursday, June 05 15:24 • Permanent Link

Independent Bank Corp. and Enterprise Bancorp, Inc. have announced that all required regulatory approvals for Independent's acquisition of Enterprise have been received. The transaction is expected to be completed on July 1, 2025, subject to the satisfaction of the remaining customary closing conditions.

Independent Bank Corp. (NASDAQ: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust offers a wide range of banking, investment, and insurance services to individuals, families, and businesses. According to the press release, Rockland Trust has retail branches in eastern Massachusetts and Worcester County, as well as commercial banking and investment management offices in Massachusetts and Rhode Island. The bank also offers mobile, online, and telephone banking services.

Enterprise Bancorp, Inc. (NASDAQ: EBTC) conducts its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank. The bank is principally engaged in attracting deposits from the general public and investing in commercial loans and investment securities. Enterprise Bank offers commercial, residential, and consumer loan products, deposit products, cash management services, electronic and digital banking options, as well as wealth management and trust services. Enterprise Bank has 27 full-service branches located in various communities in Massachusetts and New Hampshire.

The CEOs of both Independent and Enterprise expressed their excitement about the acquisition, emphasizing the shared values and commitment to serving their customers and communities. Jeffrey Tengel, the CEO of Rockland Trust, emphasized the significance of securing all required regulatory approvals and highlighted the collaboration between the two organizations. Steven LaRochelle, the CEO of Enterprise Bank, expressed confidence that the acquisition would bring expanded opportunities and continued support to their customers and communities.

No financial metrics were explicitly mentioned in the press release. Following these announcements, the company's shares moved 0.53%, and are now trading at a price of $38.705. For more information, read the company's full 8-K submission here.

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