Thursday, February 12, 2009

Industry: Bank merger proceeds

Benjamin Franklin Bancorp's proposed merger with Rockland Trust, one of the state's largest community banks, is nearing completion.

Shareholders of Benjamin Franklin approved the deal yesterday, while their counterparts at Rockland Trust's parent company, Independent Bank Corp., are scheduled to vote tomorrow. State regulators held a hearing this week and will likely decide in the near future on approving the deal. If all is approved, Benjamin Franklin Bancorp's name would be changed to Rockland Trust.

The all-stock deal is a rarity in the financial sector these days, the banks merging by choice rather than necessity. It would create a 72-branch company with about $4.5 billion in assets.

Read the full article about the merger of Ben Franklin Banking in the Milford Daily News here.

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