Central Bancorp Shareholders Approve Merger With Independent Bank Corp.
Central Bancorp, Inc. (NASDAQ: CEBK), parent of Central Bank, announced that its shareholders overwhelmingly approved Central's pending merger with Independent Bank Corp., parent of Rockland Trust Company, at a special meeting held earlier today. Shareholders also voted in favor of a non-binding advisory resolution to approve certain compensation to be paid to certain executive officers of Central in connection with the merger.
The merger is expected to close in the fourth quarter of 2012 subject to the receipt of regulatory approval and the satisfaction of other customary closing conditions.
About Central Bancorp, Inc.
Central is holding company for Central Bank, whose legal name is Central Co-Operative Bank and which was founded in 1915 as a Massachusetts chartered co-operative bank to provide savings deposits and originate mortgage loans. Central Bank is a full-service community banking operation that provides a variety of deposit and lending services -- including savings and checking accounts for retail and business customers, mortgage loans for constructing, purchasing and refinancing residential and commercial properties, and loans for education, home improvement and other purposes. Central Bank operates nine full-service offices in the Massachusetts communities of Somerville, Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose, and Woburn (two branches).
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