As part of its $1 billion merger with East Boston Savings Bank (EBSB), Rockland Trust announced that it will close several branches that EBSB opened as part of a massive expansion over the past decade.
While EBSB’s flagship branches in Maverick Square on Meridian Street and on Bennington Street in Orient Heights will remain open, Rockland plans to close EBSB two branches in Allston, Brighton, one branch each in Chinatown, Dorchester, Mission Hill, Roslindale, West Roxbury, Brookline and two branches in Cambridge.
Rockland will also close one of its own branches in Jamaica Plain at 725 Centre St. and keep the EBSB branch at 515 Centre St. near the Curley School.
In a statement to news outlets Rockland Trust wrote that the bank is looking forward to welcoming customers from EBSB as it deepens its presence in and around Boston.
“We have carefully considered where there are overlaps between our branch networks so that we may strategically consolidate and maximize the impact of each branch,” read the statement. “These were very thoughtful decisions, the factors of which included how we can most effectively serve our customers and the proximity of our retail branches.”
Back in April EBSB, established in 1848, and Rockland Trust announced the two banks inked a merger agreement for Rockland to acquire EBSB’s parent company, Meridian Bancorp., thus acquiring EBSB in a $1.15 billion deal.
Under the agreement each Meridian stockholder will receive 0.275 of Rockland common stock for each share of Meridian common stock.
According to spokepersons for the two banks, the merger is expected to close in the fourth quarter of 2021.
EBSB currently has 42 full-service locations, one mobile branch and three loan centers.