Independent Bk Corp Mass Stock Price, News & Analysis

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.

The Board of Directors of Independent Bank Corp. (Nasdaq: INDB) has declared a dividend of $0.48 per share, scheduled for payment on July 9, 2021, to shareholders on record as of June 28, 2021. In 2020, Rockland Trust, the bank's subsidiary, was recognized as one of the “Top Places to Work” by The Boston Globe for the 12th consecutive year and ranked the #1 Bank in Massachusetts by Forbes. The bank is committed to community service, reflected in its “Outstanding” rating in the Community Reinvestment Act evaluation.

Christopher Oddleifson, President and CEO, along with Robert D. Cozzone and Mark J. Ruggiero of Independent Bank Corp. (NASDAQ: INDB), will participate in the virtual 2021 D.A. Davidson 23rd Annual Financial Institutions Conference on May 5, 2021. Independent Bank Corp. is the parent company of Rockland Trust Company, recognized as the #1 Bank in Massachusetts by Forbes and named one of The Boston Globe's "Top Places to Work" for 12 consecutive years. The bank is dedicated to community engagement and offers a comprehensive range of banking services across eastern Massachusetts.

Independent Bank Corp. (INDB) reported a first quarter net income of $41.7 million or $1.26 per diluted share, up from $34.6 million in Q4 2020. This growth was aided by a $2.5 million release of loan loss provisions and increased interest income from PPP loans. Total assets rose to $13.8 billion, with deposits increasing by 5.5%. However, total loans decreased by 1.6%, hampered by ongoing refinancing. The company announced its acquisition of Meridian Bancorp, boosting its portfolio significantly.

Independent Bank Corp. (INDB) and Meridian Bancorp, Inc. (EBSB) have entered a definitive merger agreement where Independent will acquire Meridian and Rockland Trust will acquire East Boston Savings Bank. Meridian stockholders will receive 0.2750 shares of Independent common stock per Meridian share. Valued at approximately $1.15 billion, the transaction is set to be tax-free for stockholders and is anticipated to enhance Independent’s tangible book value by 7.9% and its earnings per share by 23% in 2022. The merger is expected to close in Q4 2021, pending approvals.

Independent Bank Corp. (INDB) will hold its quarterly conference call on April 23, 2021, at 10:30 AM ET to discuss first-quarter results. Dial-in access is available at 888-336-7153, or participants can pre-register online for immediate access. The replay will be available until May 7, 2021. Rockland Trust, the company's banking subsidiary, was recognized in 2020 as one of Boston Globe’s “Top Places to Work” and ranked as the #1 bank in Massachusetts by Forbes. Rockland Trust operates approximately 100 branches across Massachusetts and Rhode Island, offering a comprehensive range of banking services.

The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) has declared a dividend of $0.48 per share, payable on April 9, 2021, to stockholders of record as of March 29, 2021. CEO Christopher Oddleifson expressed confidence in the company’s strategy, highlighting its strong fundamentals and financial stability as reasons for the dividend increase. Rockland Trust, the bank subsidiary, has been recognized as one of the top banks in Massachusetts, reflecting its deep community commitment and solid operational performance.