Financial institution merger will lead to 125 native layoffs
Enterprise
All Enterprise Financial institution places will stay open.
A merger between two regional banks, Rockland Belief and Enterprise Financial institution, is costing 125 native staff their jobs.
Rockland Belief filed a state WARN discover final week stating that the deliberate merger will have an effect on as much as 125 positions by the tip of the 12 months.
Rockland Belief’s chief human sources officer, Maria Harris, says in an announcement that the affected jobs have “overlapping operational capabilities. ”
Harris says Rockland Belief has prolonged gives to greater than 71% of Enterprise Financial institution colleagues, with extra gives anticipated quickly.
“Our focus proper now’s supporting Enterprise colleagues by way of this transition with transparency, care, and respect,” she stated.
The financial institution is providing interview expertise coaching and resume writing workshops. Rockland Belief not too long ago hosted a job truthful that includes native employers to help those that could not proceed with the mixed group. The financial institution is planning to carry one other truthful in August.
Harris says that each one Enterprise branches will stay open.
Rockland Belief introduced in December that it could purchase Enterprise Financial institution in a $562 million deal.
Enterprise Financial institution was based in 1989 in Lowell and has 27 full-service branches in Massachusetts and New Hampshire. As of September, it had $4.7 billion in property.
Rockland Belief could have about $25 billion in property following the merger. The merger is anticipated to happen within the second half of 2025.
The merger got here three years after Rockland Belief acquired East Boston Financial savings Financial institution, which added 26 branches all through Larger Boston and three business lending facilities in a $1.15 billion deal.
Concerning the present deal, Jeffrey Tengel, the president and CEO of Impartial Financial institution Corp., the guardian firm of Rockland Belief, stated, “Each establishments consider that banking is about making a significant, constructive distinction within the lives of native households and companies.”
Tengel stated in an announcement that he seems to be ahead to extending Rockland Belief’s attain into northern Massachusetts and New Hampshire.
He continued, “Collectively, our mixed establishment will convey expanded comfort and extra services to the communities we’re proud to serve.”
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