Choate Provides Legal Counsel to Publicly Traded Financial Institution in its Acquisition of Federal Savings Bank Holding Company

Choate provided legal counsel to Independent Bank Corp., parent of Rockland Trust Company, in its acquisition of Peoples Federal Bancshares, parent of Peoples Federal Savings Bank.  This acquisition will give Rockland Trust its first bank branches in the City of Boston and greatly complements recent expansion initiatives in and around the Boston market.  The transaction is intended to qualify as a tax-free reorganization for federal income tax purposes and to provide a tax-free exchange for Peoples shareholders who receive Independent shares.  Arthur Meyers, partner in Choate’s Labor, Employment & Benefits group, handled executive compensation matters for the transaction.

Independent Bank Corp. has approximately $6.3 billion in assets and is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts.  Rockland Trust offers a wide range of banking, investment and insurance services to businesses and individuals through retail branches, commercial lending offices, investment management offices and residential lending centers.

Peoples Federal Bancshares has $606 million in assets and is the holding company for Peoples Federal Savings Bank, a community-oriented federal saving bank operating eight full-service branch locations in the Greater Boston area.  Peoples Federal Savings Bank offers a variety of retail and commercial  lending and deposit services.

For more information on Choate’s Labor, Employment & Benefits Group, click here.