Benjamin Franklin Bancorp shareholders OK merger with Independent Bank

By Lisa Kerner

Charlotte, N.C., Feb. 12 - Benjamin Franklin Bancorp, Inc. shareholders approved the company's acquisition by Independent Bank Corp., the parent company of Rockland Trust Co., at a special meeting on Wednesday.

The number of shares of Benjamin Franklin common stock voting to approve the merger agreement represented approximately 95% of the shares voted and 72% of the total number of outstanding shares, a company news release said.

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.

Closing of the transaction remains subject to approval by Independent Bank shareholders and regulatory approval.

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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