Independent Bank Corp to Acquire Enterprise Bancorp, Receives Regulatory Approval

By Tamara Parker • Thursday, June 05 10:15 • Permanent Link

Independent Bank Corp. (NASDAQ: INDB) and Enterprise Bancorp, Inc. (NASDAQ: EBTC) have announced the receipt of all required regulatory approvals for Independent's proposed acquisition of Enterprise. The proposed transaction is expected to be completed on July 1, 2025, subject to the satisfaction of the remaining customary closing conditions.

Independent Bank Corp. is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. It has retail branches in eastern Massachusetts and Worcester County, along with commercial banking and investment management offices in Massachusetts and Rhode Island. On the other hand, Enterprise Bancorp, Inc. is a Massachusetts corporation that conducts its operations through Enterprise Bank and Trust Company, commonly referred to as Enterprise Bank.

Rockland Trust has reported an increase in its net income to $39.8 million for the first quarter of 2025, up from $38.3 million in the previous quarter. Additionally, its total assets have increased to $16.2 billion, compared to $15.5 billion in the previous period. The total loans of Rockland Trust have also shown growth, reaching $11.3 billion in the first quarter of 2025, up from $11 billion in the previous quarter.

Enterprise Bank has reported a net income of $23.6 million for the first quarter of 2025, a notable increase from the $22.1 million reported in the previous quarter. Its total assets have grown to $4.5 billion in the first quarter of 2025, compared to $4.3 billion in the previous period. Moreover, the total loans of Enterprise Bank have shown an increase to $3.5 billion, up from $3.4 billion in the previous quarter.

The acquisition is expected to bring expanded opportunities and continued support to the customers and communities served by both banks. The integration of the two banks is anticipated to create a community-oriented bank deeply rooted in relationships and ready to meet the evolving needs of its customers. Following these announcements, the company's shares moved -0.6%, and are now trading at a price of $61.35. Check out the company's full 8-K submission here.

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