BBJ: After merger, Rockland Trust to close EBSB branches; none slated for closure in EB

Photo credit: EastBoston.com

According to the Boston Business Journal, Rockland Trust plans to close several East Boston Savings Bank branches. Greg Ryan reports:

“Rockland Trust plans to close more than a third of East Boston Savings Bank’s branches as part of its blockbuster $1.15 billion acquisition of the lender, including eight in the city of Boston.

In a public notice about the pending merger, Rockland Trust (Nasdaq: INDB) listed 16 East Boston Savings (Nasdaq: EBSB) locations expected to close, as well as two of its own branches. East Boston Savings currently has 43 branches.

Taken together, the closures will hit a major chunk of the branch network that East Boston Savings rapidly built out under CEO Dick Gavegnano, even as other banks shrunk their brick-and-mortar footprints. Banker & Tradesman first reported on the closures.”

Read more at the Boston Business Journal.