EDGARTOWN – Rockland Trust has struck a deal to acquire Vineyard-based Edgartown National Bank.
The deal between the two banks is expected to be completed in the second quarter of 2017.
Edgartown National has been a long-time island bank, opening its doors in 1905. Rockland Trust will operate all four of its branches, two in Edgartown, one in Oak Bluffs, and one in Vineyard Haven.
Edgartown National has $171 million in deposits and $153 million in loans.
“It’s a national expansion and strengthening of our Cape Cod franchise,” said Christopher Oddleifson, President and CEO of Independent Bank Corp. and Rockland Trust. “Edgartown National and Rockland Trust share the same values, and are committed to the communities they serve and the families that live in them. We look forward to welcoming Edgartown National colleagues and customers to Rockland Trust.”
“We are extremely pleased to Join Rockland Trust, a growing bank with a terrific bank,” said Fielding Moore, the CEO of Edgartown National. “Our customers will enjoy the greater range of products, services, and convenience that Rockland Trust offers while still being served by the same Edgartown National customer service staff they know and trust.”
The Board of Directors for both banks unanimously approved the deal.
Rockland Trust has 83 locations in Southeastern Massachusetts and Rhode Island.
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