NEC member Rockland Trust finalized its purchase of Peoples Federal Savings Bank on February 23, 2015. The acquisition is an exciting one for Rockland Trust as it will allow the bank to move into Boston.
Chief executive Chris Oddleifson has been looking to expand business into Boston for several years. Local bankers agree that adding operations in Boston is worth the steep entry price because of the density of residents and businesses. Rockland Trust will be one of the few community banks in the city and will provide consumers with an alternative to big banks. With the purchase of Peoples Federal Savings Bank, Rockland Trust will have 87 branches and nearly $7 billion in assets. It is the second-largest retail bank in Massachusetts.
“We are thrilled to welcome our new customers to Rockland Trust. We were founded 107 years ago on a pledge of providing exemplary customer service to our customers, communities, and colleagues,” said Mr. Oddleifson. “We look forward to becoming a trusted partner in these neighborhoods. Giving back is a vital part of our culture and we’re excited about working with our new neighbors to support these communities.”
The New England Council congratulates Rockland Trust on its new acquisition and wishes the bank luck in its expansion into Boston.