Shareholders Approve Sale of Bank of Cape Cod to Rockland Trust Parent Company

moneyBARNSTABLE – The sale of the Bank of Cape Cod to Rockland Trust was approved by shareholders this week.

New England Bancorp, Inc., the holding company for Bank of Cape Cod, approved the pending merger with Independent Bank Corp., the parent company of Rockland Trust.

Over 95 percent of the voting shareholders cast votes in favor of the merger.

The proposed merger is expected to close later this year, pending federal and state regulatory approval.

Bank of Cape Cod operates four full-service offices in Hyannis, Falmouth and Osterville.

Rockland Trust is one of the biggest banks on Cape Cod, holding $708 million in deposits in Barnstable County last year, behind only TD Bank, Bank of America and Cape Cod Five Cents Savings Bank.

Bank of Cape Cod was acquired by Independent Bank Corp. for $31 million.

Bank of Cape Cod was founded in 2006 and has approximately $214 million in deposits, and around $229 million in loans.

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