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Independent Bank Corp. Announces Completion of Blue Hills Bancorp, Inc. Acquisition and Appointment of William M. Parent, David A. Powers, and Scott Smith as Directors

Share:

Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of
Rockland Trust Company, today announced the closing of its acquisition
of Blue Hills Bancorp, Inc., parent of The Blue Hills Bank (Blue Hills
Bancorp). 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. Although
the legal closing was effective as of today, the customer and brand
conversion will occur over the weekend of June 8, 2019.

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 at a price of
$78.48 per share, an amount determined by the volume-weighted average
closing price of a share of Independent common stock on The Nasdaq
Global Select Market for the five trading days ending on the fifth
trading day immediately preceding the closing date of the Merger. As a
result of the merger, former Blue Hills Bancorp shareholders will
receive approximately 6,166,383 shares of Independent common stock in
the aggregate and an aggregate of approximately $167.4 million in cash,
inclusive of the payment made to cash out outstanding stock options and
excluding cash paid in lieu of fractional shares. Including the shares
issued in connection with the acquisition, Independent will now have
approximately 34,303,887 shares of common stock outstanding.

The merger agreement provides that Independent shall duly elect three
individuals to become directors of Independent and Rockland Trust
effective as of the closing of the merger.

Independent has appointed William M. Parent, David A. Powers, and Scott
Smith as Class III Directors, with initial terms expiring at
Independent's 2020 Annual Shareholder Meeting. Rockland Trust also
simultaneously appointed Mr. Parent, Mr. Powers, and Mr. Smith to its
Board of Directors.

Mr. Parent, who is 57, was the President and Chief Executive Officer of
Blue Hills Banks, Blue Hills Bancorp, Inc., and its predecessor company
since 2010. Prior to that Mr. Parent served as a partner and chief
investment officer at Grail Partners, a boutique merchant bank. Mr.
Parent has over 30 years of experience in the financial services
industry, including 16 years at Bank of Boston and its successor
companies, FleetBoston and Bank of America, where he held senior
executive roles in Finance, Mergers & Acquisitions, Bank Management, and
Private Equity Investing. Mr. Parent is a non-practicing Certified
Public Accountant and holds a Bachelor of Science degree from Bentley
University. Mr. Parent has served as a member of the Board of Directors
for over a dozen middle market companies covering the financial
services, retail, and distributions and manufacturing sectors. Mr.
Parent currently serves as the Board Chair for the YMCA of Greater
Boston and on the Board of Directors for the Boston Police
Athletics/Activities League and the New England Council. Mr. Parent is
the former Chair of the Massachusetts Bankers Association.

Mr. Powers, who is 70, worked for decades in the insurance industry,
most recently as a Vice President of Burgin Platner & Company LLC in
Quincy, Massachusetts. Prior to joining Burgin Platner Mr. Powers was a
partner at the insurance agency known as Charles A. Powers and Sons, LLP
in Randolph and Boston, Massachusetts. Mr. Powers is affiliated with the
Rotary Club of Hingham.

Mr. Smith, who is 53, is currently the President and Chief Executive
Officer of The SC Group, which he co-founded in 2013. The SC Group
provides services to philanthropic organizations throughout New England
with respect to strategic planning, program development, board
development, Executive Director searches, and fund raising. Mr. Smith
has over 26 years of experience in the philanthropic sector and has
previously held Chief Executive Officer, Executive Director, and Vice
President of Operations positions. Mr. Smith is immediate past Board
Chair of the Thomas M. Menino YMCA in Boston, serves on the Lt.
Governor's Interagency Council and the Mayor's Commission on
Homelessness, and is the Co-Chair of the Hyde Park 150th
Anniversary Committee. Mr. Smith is a graduate of Salisbury University.

About Independent Bank Corp.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the
holding company for Rockland Trust Company, a full-service commercial
bank headquartered in Massachusetts. Named in 2018 to The Boston Globe's
"Top Places to Work" list for the 10th consecutive year, Rockland Trust
offers a wide range of banking, investment, and insurance services.
Rockland Trust serves businesses and individuals through approximately
100 retail branches, commercial and residential lending centers, and
investment management offices in eastern Massachusetts, including
Greater Boston, the South Shore, the Cape and Islands, as well as in
Worcester County and Rhode Island. Rockland Trust also offers a full
suite of mobile, online, and telephone banking services. Rockland Trust
is an FDIC member and an Equal Housing Lender. To find out why Rockland
Trust is the bank "Where Each Relationship Matters®", please visit www.rocklandtrust.com.

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