Independent Bank shareholders say 'yes' to merger with Benjamin Franklin Bancorp

By Lisa Kerner

Charlotte, N.C., Feb. 13 - Independent Bank Corp. shareholders voted to approve the company's merger with Benjamin Franklin Bancorp, Inc., it was announced on Friday.

Over 80% of the total shares of Independent Bank common stock outstanding voted to approve the amended merger agreement dated Jan. 12, the company said.

Benjamin Franklin shareholders approved the merger on Wednesday.

Independent Bank, the parent company of Rockland Trust Co., said it expects the merger to close following the receipt of all required regulatory approvals and satisfaction of other standard closing conditions.

Under the companies' definitive merger agreement, each share of Benjamin Franklin common stock will be converted into 0.59 shares of Independent Bank common stock, it was previously reported.

Independent Bank said the transaction is valued at $15.77 per share, based on its closing price of $26.73 on Nov. 7.

Rockland Trust has approximately $3.5 billion in assets, 61 retail branches, 10 commercial lending centers and five mortgage origination offices throughout southeastern Massachusetts and on Cape Cod. The company is based in Rockland, Mass.

Benjamin Franklin Bank, a full-service bank located in Franklin, Mass., has approximately $1 billion in assets.

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