Massachusetts-based Independent Bank acquires in-state peer Meridian Bancorp

Rockland, Mass.-based Independent Bank Corp. completed its acquisition of Peabody, Mass.-based Meridian Bancorp Inc.

Under the terms of the deal, Independent Bank's unit Rockland Trust Co. acquired Meridian's unit East Boston Savings Bank.

Under the terms of the merger agreement, each Meridian stockholder will receive 0.2750 of a share of Independent common stock for each share of Meridian common stock. Independent Bank expects to issue about 14.3 million common shares in the merger.

Keefe Bruyette & Woods served as financial adviser to Independent and Wachtell Lipton Rosen & Katz provided legal counsel. Raymond James & Associates Inc. was financial adviser to Meridian and Luse Gorman PC served as legal counsel.