If all goes according to plan, Mayflower Bank’s eight branches will soon be Rockland Trust branches.
Independent Bank Corporation, parent of Rockland Trust Company, recently announced that an agreement has been signed to acquire Mayflower Bank for about $37.2 million.
Rockland Trust will now pursue regulatory approval with the deal expected to close by the end of year.
Ralph Valente, Senior Vice President and Director of Marketing for Rockland Trust, says it will be a smooth transition for current Mayflower Bank customers, “Those accounts would now become Rockland Trust accounts with little to no changes involved in that besides some paperwork type of things, so it’s usually pretty seamless for the vast majority of customers. Nothing will change for those customers until the convergence happens.”
But what will happen to Mayflower Bank employees?
“Rockland Trust has a pretty good history of retaining most employees through mergers and acquisitions. For example, we hire approximately 140 people every year and as of today, Mayflower Bank employees will be given preference to interview for every single open job at Rockland Trust,” said Valente
For Mayflower shareholders, the agreement says that 70% of outstanding shares will be exchanged for Independent shares and Independent will purchase the remaining 30%.