Independent Bank Corp completed a $727m Blue Hills Bancorp acquisition.

Independent Bank Corp, the parent of Rockland Trust Company, closed its acquisition of Blue Hills Bancorp, parent of The Blue Hills Bank. The legal closing was effective April 1, 2019, and resulted in Blue Hills Bancorp, Inc. merging with and into Independent, with Independent the surviving entity, and Blue Hills Bank merging with and into Rockland Trust, with Rockland Trust the surviving entity. As consideration for the merger, each Blue Hills Bancorp share will be exchanged for 0.2308 of a share of Independent’s common stock and $5.25 in cash, with cash paid in lieu of fractional shares for $78.48 per share, an amount determined by the volume-weighted average closing price. Based upon Independent’s $89.35 per share closing price on September 19, 2018, last day before the initial announcement, the transaction is valued at approximately $727m. “Our transaction with Blue Hills Bank is a natural fit and is consistent with our strategy of acquiring banks in overlapping and adjacent markets,” said Christopher Oddleifson, the President and Chief Executive Officer of Independent and the Chief Executive Officer of Rockland Trust. “Blue Hills Bank is a strong, well run, growing company with a tremendous franchise. This acquisition will strengthen the position of Rockland Trust in Eastern Massachusetts and also permit us to expand onto Nantucket Island. Blue Hills Bank employs many talented individuals who we are excited to welcome to Rockland Trust.”