This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Independent Bank Corp. Announces Completion Of Central Bancorp, Inc. Acquisition, Appointment Of John J. Morrissey As A Director, And Results Of Stock/Cash Elections

Stocks in this article: CEBK INDB

Independent Bank Corp. (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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs