Independent Bank Corp., parent of Rockland Trust Company, announced the closing of its acquisition of Enterprise Bancorp, parent of Enterprise Bank and Trust Company. The legal closing was effective July 1, 2025, and resulted in Enterprise merging with and into Independent, with Independent as the surviving entity, and Enterprise Bank merging with and into Rockland Trust, with Rockland Trust as the surviving entity. Although the legal closing was effective as of July 1, 2025, the core product and customer account conversions are expected to occur over the weekend of Oct. 11, 2025. Enterprise Bank customers will be receiving detailed communications regarding product and account conversions.
As consideration for the merger, each Enterprise share will be exchanged for .60 shares of Independent’s common stock and $2.00 in cash, with cash paid in lieu of fractional shares at a price of $61.61, an amount determined by the volume-weighted average closing price of a share of Independent common stock for the five consecutive trading days ending on the fifth day immediately preceding the closing date of the merger. As a result of the merger, former Enterprise Bancorp Inc. shareholders will receive approximately 7.5 million shares of Independent common stock in the aggregate and an aggregate of approximately $25.8 million in cash, inclusive of the payment made to cash out outstanding stock options and excluding cash paid in lieu of fractional shares. Including the shares issued in connection with the acquisition, Independent will now have approximately 50,107,000 shares of common stock outstanding.
In connection with the merger, Independent has appointed Kenneth J. Ansin and Joseph C. Lerner as a Class I and a Class II Director, respectively, with initial terms expiring at Independent’s 2027 Annual Shareholder Meeting and 2028 Annual Shareholder Meeting, respectively. Rockland Trust also simultaneously appointed Ansin and Lerner to its Board of Directors. In addition, for a period of one year, George Duncan, Chairman of the Board and Founder of Enterprise and Enterprise Bank, will serve in a consultative role to the Independent and Rockland Trust Boards of Directors to support a smooth transition and the successful integration of the organizations.
Ansin is the President of Ansin Consulting Group, advising socially responsible businesses and nonprofits. Ansin has also co-founded multiple companies, including United Site Services and United Material Management. Ansin first joined the Enterprise Bank Board of Directors in 1995 and served on Enterprise Bank’s board until Enterprise Bank merged into the Company in 2025. Additionally, Ansin previously served as Senior Vice President and Regional Community Banking Director at Enterprise Bank. Ansin holds a master’s degree in public administration from Harvard University and a bachelor’s degree in political science from UMass Amherst. In 2018, Ansin received the Heart of New England Council, Boy Scouts of America’s North Star Award, in recognition of Ansin’s impacts and contributions to the New England Council. Ansin is also a volunteer pilot for Angel Flight and PALS and is a board member of the National Psoriasis Foundation.
Lerner currently serves as Managing Partner of 819 Energy LLC and Managing Director of 819 Capital LLC where Lerner leads investments across energy, real estate and high-growth sectors. Lerner’s other leadership experience includes positions at Invenergy and Community Energy, where Lerner managed numerous initiatives and built strategic partnerships. Lerner holds a bachelor’s degree from Trinity College and a master’s degree in energy policy from the University of Montana. Lerner is also a Corporator of Emerson Hospital.