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Independent Bank Corp. reports banking results and capital actions as the holding company for Rockland Trust Company, a full-service commercial bank serving individuals, families and businesses. Recurring updates cover quarterly earnings, net interest income drivers, commercial and industrial lending, commercial real estate and construction portfolios, deposit trends, securities balances and credit-loss provisions.
Company announcements also include common-stock dividends, share repurchase activity, earnings-call schedules and integration matters following completed bank acquisitions. Rockland Trust's business mix includes retail branches, commercial banking offices, investment management, insurance services and digital banking across Massachusetts, New Hampshire and Rhode Island markets.
The Board of Directors of Independent Bank Corp. (NASDAQ: INDB) declared a $0.48 per share dividend, payable on January 7, 2022, to stockholders of record as of December 27, 2021. Independent Bank Corp., the parent company of Rockland Trust, is recognized for its strong community engagement and has been listed as a top workplace for 13 consecutive years. In 2021, Rockland Trust was named the #1 bank in location value="LS/us.ma"Massachusetts by Forbes.
The Drew Company has secured a $27.6 million construction loan from Rockland Trust Bank for the SkySail at Driftway residential project in Scituate, Massachusetts. This 109,842 sq. ft. luxury mixed-use development will feature 78 rental units, including 12 income-restricted units, combined with 8,914 sq. ft. of retail space and 160 parking spaces. The project aims to enhance the local community and offer a high-quality living experience, as well as convenient access to transportation options.
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.