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Independent Bank Announces Completion of Central Bancorp Acquisition, Appointment of John Morrissey as a Director

Independent Bank (NASDAQ: INDB), parent of Rockland Trust Company, today announced the closing of its acquisition of Central Bancorp, Inc. (NASDAQ: CEBK), parent of Central Bank.

“This acquisition significantly increases Rockland Trust's presence in Middlesex County and we welcome Central Bank customers and employees to Rockland Trust,” said Christopher Oddleifson, President and Chief Executive Officer of Rockland Trust. “The demographics of our new territory are very attractive, and we anticipate that this acquisition will be immediately accretive and deliver solid returns to our shareholders.”

The legal closing occurred today and the acquisition will be effective as of 12:01 a.m. on Saturday, November 10, 2012. As of the effective time Central Bancorp, Inc. was legally merged with and into Independent Bank Corp., with Independent the surviving entity, and Central Bank legally merged with and into Rockland Trust, with Rockland Trust the surviving entity. Central Bank will continue to operate under its name, as a division of Rockland Trust, until the customer and facilities conversion is complete in the first quarter of 2013, at which time the nine former Central Bank branches will be converted into Rockland Trust branches.

Effective as of the completion of the acquisition, former Central Director John J. Morrissey was appointed a Class I Director of Independent Bank Corp., with a term expiring at the 2015 Annual Shareholder Meeting, and was also appointed a Director of Rockland Trust. Mr. Morrissey is a founding partner of the Braintree, Massachusetts law firm Morrissey, Wilson, Zafiropoulos LLP, a boutique law firm practicing in the areas of litigation, bankruptcy and creditors' rights, and real estate. Mr. Morrissey's practice is primarily in the area of litigation, with a principle focus on personal injury and workers compensation claims. Mr. Morrissey is a member of the Board of Bar Overseers' Hearing Committee for Plymouth and Norfolk Counties. He is a member of the Massachusetts Academy of Trial Attorneys' Board of Governors and the Massachusetts Bar Association's House of Delegates. Mr. Morrissey was recently appointed Chair of the Massachusetts Bar Association's Judicial Administration Section Council for 2012-2013 and serves on the Workplace Safety Task Force. Mr. Morrissey, who is 45 years old, is a graduate of the University of Massachusetts, Amherst and of the Boston University School of Law. Mr. Morrissey resides in Hingham, Massachusetts with his wife Katherine and their three children.

Posted-In: News Management M&A

 

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