Shareholders, some controlling less than 100 shares and represented by big law firms, have gone after community banks in Massachusetts – mostly sellers – during mergers or acquisitions, seeking small fees in a timely manner.
Naming rights to one of Boston’s biggest concert venues? Oh, Santa! You shouldn’t have!
The year 2018 was filled with mergers and acquisitions between publicly traded banks, mutual banks and credit unions. In total, there were 16 mergers and acquisitions announced this year, as the banking industry in Massachusetts continued to consolidate.
When Rockland Trust closes on its acquisition of Blue Hills Bank, President and CEO William Parent is going to be a very rich man.
Rockland Trust will complete its merger of Milford National Bank and Trust and its parent within the next few days.
While much of the recent focus has been on Rockland Trust’s planned acquisition of Blue Hills Bank and its expansion in the Boston area, the company has also been busy building out its franchise in Worcester and Central Massachusetts.
State Street Bank and Trust Company broke away from the pack this year, adding a huge amount of assets to its business to grab a commanding lead in market deposit share in Massachusetts.
The rate of consolidation in the banking industry has lately been a cause for concern, as fewer banks typically means reduced access to banking services and small business loans.
The parent company of Rockland Trust announced yesterday that it would acquire the parent company of Hyde Park-based Blue Hills Bank in a deal that will give Rockland the largest deposit share in Massachusetts, the largest branch network and bring the company over $11 billion in assets.
The U.S. Office of the Comptroller of the Currency at the end of August published an advanced notice of proposed rulemaking, calling for public comment on ways to modernize and transform the Community Reinvestment Act.
Earlier this year, President Donald Trump and his administration imposed a wide range of tariffs – and have since threatened to inflict more – stoking trade wars with allies and countries that do an immense amount of business with the U.S. such as China.
It was all happy talk from executives at the parent of Rockland Trust, as the bank turned in solid growth and huge profits in the second quarter.
Rockland Trust is relocating its Hyannis branch to offer more services to customers.
In the past few quarterly calls, Chris Oddleifson, CEO of Rockland Trust and its parent company Independent Bank Corp., has said the bank was hungry for another acquisition. Now we know he wasn’t kidding.
The parent company of Rockland Trust reported another quarter of record earnings in what it sees as a strong economic environment. But loan demand did not pan out as expected, particularly in the upper end of the market.
Customers ranked Rockland Trust and Eastern Bank as two of the best retail banks in New England, according to J.D. Power’s 2018 U.S. Retail Banking Satisfaction Study.
Rockland Trust will open a new branch on Jan. 29 at 170 Needham St. in Newton.
Despite an additional tax expense of $2.37 million due to the new tax reform law, the parent company of Rockland Trust did not miss a beat in the fourth quarter of 2017.
A member of Rockland Trust’s executive leadership team has left the bank after just seven months into the job.
Local food pantries get a boost from banks in preparation for Thanksgiving; BankFive donates $5,000 for people who experience autism; and St. Francis House raises over $750,000 for its shelter in this week’s Community Good Works.