Independent Bank Corp., Hanover, Massachusetts - permission to acquire Mayflower Bancorp, Inc.
Overview of Independent Bank Corp., Hanover, Massachusetts - permission to acquire Mayflower Bancorp, Inc.
The Commonwealth of Massachusetts Board of Bank Incorporation and the Division of Banks
Independent Bank Corp. (Petitioner), Hanover, Massachusetts, has petitioned the Board of Bank Incorporation (Board) pursuant to Massachusetts General Laws, chapter 167A, sections 2 and 4 for approval to acquire Mayflower Bancorp, Inc. (Mayflower), Middleboro, Massachusetts in a multi-step transaction. Mayflower is the holding company for MAYFLOWER CO-OPERATIVE BANK, (“Mayflower Bank”), Middleboro, Massachusetts. The Petitioner is the holding company for Rockland Trust Company(Rockland Trust), Rockland, Massachusetts.
An application has also been filed with the Division of Banks for approval of the subsequent merger of Mayflower Bank with and into Rockland Trust. As part of this merger transaction, Rockland Trust has also petitioned to close its branch office located at 8B Station Street, Middleboro. Mayflower Bank has also petitioned to close its branch offices located at: (1) 5 Scotland Boulevard, Bridgewater; (2) 166 County Street, Lakeville; (3) 57 Obery Street, Plymouth; and (4) 396 Onset Avenue, Wareham.
In determining whether or not to approve these petitions the Board and Division must decide whether competition among banking institutions will be unreasonably affected and whether public convenience and advantage will be promoted by this proposal. A public hearing will be given to all interested parties on the petition before the Board on Wednesday, September 4, 2013 at 11:30 a.m., 1000 Washington Street, First Floor, Hearing Room 1E, Boston, Massachusetts.
All comments concerning these petitions, however, must be filed with the Board or the Division by the close of business on Friday, September 27, 2013 at the following address. The applications and all communications relative to these matters are available for public inspection at the Division at 1000 Washington Street, 10th Floor, Boston, MA 02118-6400.
Board of Bank Incorporation
David J. Cotney, Commissioner of Banks
Steven Grossman, Treasurer and Receiver-General
Amy Pitter, Commissioner of Revenue
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Written comments accepted until September 27, 2013.