Independent Bank Corp/MA - INDB STOCK NEWS

Independent Bank Corp., trading under the symbol INDB, has successfully acquired Meridian Bancorp, enhancing its position in the Boston financial market. The merger, finalized shortly before midnight, involves exchanging Meridian shares for 0.2750 shares of Independent's common stock. Approximately 14.3 million shares of Independent's stock will be distributed to former Meridian shareholders. This strategic move aims to broaden financial services for a larger consumer base and improve customer service. The integration will occur over the weekend, with no impact on existing Rockland Trust customers.

Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) have announced that they have received all necessary regulatory approvals for the proposed acquisition of Meridian by Independent. The transaction is now set to close on November 12, 2021, pending customary closing conditions. This merger aims to enhance their service offerings and market presence in Massachusetts, particularly in the Greater Boston area.

Independent Bank Corp. (INDB) reported a third quarter net income of $40.0 million, or $1.21 per diluted share, marking an increase from $37.6 million or $1.14 in the previous quarter. The results included $1.9 million in merger-related costs due to the acquisition of Meridian Bancorp. Total assets grew by 2.4% to $14.5 billion since last quarter, with deposits increasing by 2.3%. However, net interest income fell to $90.1 million from $93.4 million, primarily due to reduced PPP fee recognition.

Independent Bank Corp. (NASDAQ: INDB) will host its quarterly conference call to discuss third quarter results on October 22, 2021, at 10:00 AM Eastern Time. Investors can access the call by dialing 888-336-7153 or by pre-registering online for immediate access. A replay will be available until October 29, 2021. The company is recognized for its strong community involvement and employee satisfaction, having been named a top workplace for 12 consecutive years and ranked the #1 Bank in Massachusetts by Forbes in 2021. Rockland Trust offers various banking services across eastern Massachusetts and Rhode Island.

The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) announced a dividend of $0.48 per share, payable on October 8, 2021, to stockholders of record as of September 27, 2021. Rockland Trust, a subsidiary of Independent Bank Corp., continues to be recognized, ranking as the #1 bank in Massachusetts by Forbes for two consecutive years and listed in The Boston Globe's "Top Places to Work" for the twelfth year in a row. The bank emphasizes community engagement and diversity initiatives.

Independent Bank Corp. (INDB) announced the appointment of Susan Perry O’Day to its Board of Directors, effective September 1, 2021. O'Day, previously with The Walt Disney Company, brings a wealth of experience in information systems and technology management. The board's chair, Donna L. Abelli, expressed confidence that O’Day's expertise will enrich the board's perspective. As President of A.W. Perry, Inc., O'Day has a strong strategic background in real estate investment, positioning her well to enhance the bank's service offerings and community engagement.

Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) received shareholder approvals for their merger agreement. The merger, pending regulatory approval and customary closing conditions, is anticipated to be completed in Q4 2021. The merger is strategically significant, as it combines Independent's Rockland Trust and Meridian's East Boston Savings Bank, potentially enhancing market presence and service offerings. Both companies will disclose final vote results in Form 8-Ks filed with the SEC.

Independent Bank Corp. (INDB) reported second-quarter 2021 net income of $37.6 million, or $1.14 per diluted share, down from $41.7 million, or $1.26 per share in Q1 2021. The decline included $1.7 million in merger costs from the pending acquisition of Meridian Bancorp. Adjusted operating net income was $38.8 million, or $1.17 per diluted share. Total assets increased to $14.2 billion, while total loans fell by 3.3%, driven by a 43% drop in PPP loans. Deposit balances rose by 3.4%, totaling $12.0 billion, supported by stimulus payments. Net interest income decreased due to reduced PPP fee recognition.

Independent Bank Corp. (INDB), parent company of Rockland Trust, will conduct a quarterly conference call on July 23, 2021, at 10:00 AM ET to discuss its second-quarter results. Interested participants can access the call via telephone at 888-336-7153 or pre-register online. A replay will be available until August 6, 2021. Rockland Trust, recognized as the #1 Bank in Massachusetts by Forbes and listed among The Boston Globe's 'Top Places to Work,' emphasizes equity and inclusion through various initiatives and offers a comprehensive suite of banking services across eastern Massachusetts and Rhode Island.