Independent Bank Corp. (NASDAQ: INDB) (“Independent”), parent of
Rockland Trust Company (“Rockland Trust”), and Enterprise Bancorp,
Inc. (NASDAQ: EBTC) (“Enterprise”), parent of Enterprise Bank and
Trust Company (“Enterprise Bank”), jointly announce the following
in connection with Independent’s proposed acquisition of
Enterprise:
- All required regulatory approvals relating to the proposed
transaction have now been received.
- The proposed transaction is expected to be completed on July 1,
2025, subject to the satisfaction of the remaining customary
closing conditions.
“Securing all required regulatory approvals is a significant
milestone and the result of thoughtful collaboration between our
two organizations,” said Jeffrey Tengel, Chief Executive Officer at
Rockland Trust. “The success of this combination will come from the
people behind it, our colleagues, customers, and communities. We
are excited to move forward and grow as a community-oriented bank
that is deeply rooted in relationships and ready to meet the
evolving needs of those we serve.”
“This integration brings together two banks with shared values
and a commitment to serving others,” said Steven Larochelle, Chief
Executive Officer at Enterprise Bank. “I’m incredibly proud of what
our Enterprise team has built and am confident that, as part of
Rockland Trust, this next chapter will bring expanded opportunities
and continued support to the customers and communities we are
honored to serve.”
ABOUT INDEPENDENT BANK CORP.
Independent Bank Corp. (NASDAQ Global Select Market: INDB) is
the holding company for Rockland Trust Company, a full-service
commercial bank headquartered in Massachusetts. With retail
branches in Eastern Massachusetts and Worcester County as well as
commercial banking and investment management offices in
Massachusetts and Rhode Island, Rockland Trust offers a wide range
of banking, investment, and insurance services to individuals,
families, and businesses. Rockland Trust also offers a full suite
of mobile, online, and telephone banking services. Rockland Trust
is an FDIC member and an Equal Housing Lender.
ABOUT ENTERPRISE BANCORP, INC.
Enterprise Bancorp, Inc. is a Massachusetts corporation that
conducts substantially all its operations through Enterprise Bank
and Trust Company, commonly referred to as Enterprise Bank, and has
reported 142 consecutive profitable quarters. Enterprise Bank is
principally engaged in the business of attracting deposits from the
general public and investing in commercial loans and investment
securities. Through Enterprise Bank and its subsidiaries,
Enterprise offers a range of commercial, residential and consumer
loan products, deposit products and cash management services,
electronic and digital banking options, as well as wealth
management, and trust services. Enterprise’s headquarters and
Enterprise Bank’s main office are located at 222 Merrimack Street
in Lowell, Massachusetts. Enterprise’s primary market area is the
Northern Middlesex, Northern Essex, and Northern Worcester counties
of Massachusetts and the Southern Hillsborough and Southern
Rockingham counties in New Hampshire. Enterprise Bank has 27
full-service branches located in the Massachusetts communities of
Acton, Andover, Billerica (2), Chelmsford (2), Dracut, Fitchburg,
Lawrence, Leominster, Lexington, Lowell (2), Methuen, North
Andover, Tewksbury (2), Tyngsborough and Westford and in the New
Hampshire communities of Derry, Hudson, Londonderry, Nashua (2),
Pelham, Salem and Windham.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This communication may contain forward-looking statements,
including, but not limited to, certain plans, expectations, goals,
projections, and statements about the benefits of the proposed
transaction, the plans, objectives, expectations and intentions of
Independent and Enterprise, the expected timing of completion of
the transaction, and other statements that are not historical
facts. Such statements are subject to numerous assumptions, risks,
and uncertainties. Statements that do not describe historical or
current facts, including statements about beliefs and expectations,
are forward-looking statements. Forward-looking statements may be
identified by words such as expect, anticipate, believe, intend,
estimate, plan, target, goal, or similar expressions, or future or
conditional verbs such as will, may, might, should, would, could,
or similar variations. The forward-looking statements are intended
to be subject to the safe harbor provided by Section 27A of the
Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of
1995.
Independent and Enterprise caution that the forward-looking
statements in this communication are not guarantees of future
performance and involve a number of known and unknown risks,
uncertainties and assumptions that are difficult to assess and are
subject to change based on factors which are, in many instances,
beyond Independent’s and Enterprise’s control. While there is no
assurance that any list of risks and uncertainties or risk factors
is complete, below are certain factors which could cause actual
results to differ materially from those contained or implied in the
forward-looking statements: (1) changes in general economic,
political, or industry conditions; (2) uncertainty in U.S. fiscal
and monetary policy, including the interest rate policies of the
Board of Governors of the Federal Reserve System; (3) volatility
and disruptions in global capital and credit markets; (4) movements
in interest rates; (5) the resurgence of elevated levels of
inflation or inflationary pressures in the United States and the
Enterprise and Independent market areas; (6) increased competition
in the markets of Independent and Enterprise; (7) success, impact,
and timing of business strategies of Independent and Enterprise;
(8) the nature, extent, timing, and results of governmental
actions, examinations, reviews, reforms, regulations, and
interpretations; (9) the expected impact of the proposed
transaction between Enterprise and Independent on the combined
entities’ operations, financial condition, and financial results;
(10) the failure to satisfy any of the conditions to the closing of
transaction on a timely basis or at all or other delays in
completing the proposed transaction; (11) the occurrence of any
event, change or other circumstances that could give rise to the
right of one or both of the parties to terminate the merger
agreement; (12) the outcome of any legal proceedings that may be
instituted against Independent or Enterprise; (13) the possibility
that the anticipated benefits of the proposed transaction are not
realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the two
companies or as a result of the strength of the economy and
competitive factors in the areas where Independent and Enterprise
do business; (14) the possibility that the proposed transaction may
be more expensive to complete than anticipated, including as a
result of unexpected factors or events; (15) diversion of
management’s attention from ongoing business operations and
opportunities; (16) potential adverse reactions or changes to
business or employee relationships, including those resulting from
the announcement or completion of the proposed transaction; (17)
the dilution caused by Independent’s issuance of additional shares
of its capital stock in connection with the proposed transaction;
(18) a deterioration of the credit rating for U.S. long-term
sovereign debt or uncertainty regarding U.S. fiscal debt, deficit
and budget matters; (19) cyber incidents or other failures,
disruptions or breaches of our operational or security systems or
infrastructure, or those of our third-party vendors or other
service providers, including as a result of cyber-attacks; (20)
severe weather, natural disasters, acts of war or terrorism,
geopolitical instability or other external events, including as a
result of changes in U.S. presidential administrations or Congress,
including potential changes in U.S. and international trade and
tariff policies and the resulting impact on Independent and
Enterprise and their respective customers; and (21) other factors
that may affect the future results of Independent and
Enterprise.
Additional factors that could cause results to differ materially
from those described above can be found in Independent’s Annual
Report on Form 10-K for the year ended December 31, 2024 and in its
subsequent Quarterly Reports on Form 10-Q, including in the
respective “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” sections of such
reports, as well as in subsequent SEC filings, each of which is on
file with the U.S. Securities and Exchange Commission (the “SEC”)
and available in the “Investor Relations” section of Independent’s
website, www.rocklandtrust.com, under the heading “SEC Filings” and
in other documents Independent files with the SEC, and in
Enterprise’s Annual Report on Form 10-K for the year ended December
31, 2024 and in its subsequent Quarterly Reports on Form 10-Q,
including in the respective “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of such reports, as well as in subsequent SEC
filings, each of which is on file with and available in the
“Investor Relations” section of Enterprise’s website,
www.enterprisebanking.com, under the heading “SEC Filings” and in
other documents Enterprise files with the SEC.
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
Neither Independent nor Enterprise assumes any obligation to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required
by federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements. All
forward-looking statements, express or implied, included in the
document are qualified in their entirety by this cautionary
statement.
Category: Merger Releases
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version on businesswire.com: https://www.businesswire.com/news/home/20250604345202/en/
INDEPENDENT BANK CORP. / ROCKLAND TRUST:
Investor Relations: Gerry Cronin,
Director of Investor Relations Rockland Trust Company (774)
363-9872 Gerard.Cronin@rocklandtrust.com
Media: Emily McDonald, Vice
President, Corporate Marketing Rockland Trust Company (781)
982-6650 Emily.McDonald@rocklandtrust.com
ENTERPRISE BANCORP, INC. / ENTERPRISE BANK:
Investor Relations: Joe Lussier,
Chief Financial Officer & Treasurer, EVP Enterprise Bank (978)
656-5578 Joe.Lussier@ebtc.com
Media: Matthew Coggins, Chief
Marketing & Communications Officer Enterprise Bank (978)
656-5708 Matthew.Coggins@ebtc.com
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