INDB - Independent Bank Corp.'s Acquisition of Meridian Bancorp Isn't Good It's Great
The Boston banking scene got thrown for another loop recently after Independent Bank Corp. (NASDAQ: INDB) , the parent company of Rockland Trust, announced that it plans to buy Meridian Bancorp (NASDAQ: EBSB) , the parent company of East Boston Savings Bank. The deal comes just after Independent's main competitor, Eastern Bankshares , announced that it plans to buy Century Bancorp . Now, there will be two locally headquartered $20-billion-asset banks in the Boston area for the first time since 2007, according to the FDIC.
I really like the Independent-Meridian deal because it's very straightforward and takes Independent to the next level in its growth stage. Let's take a closer look.
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Independent Bank Corp.'s Acquisition of Meridian Bancorp Isn't Good, It's Great