Bank merger will result in 125 local layoffs

Business

All Enterprise Bank locations will remain open.

A merger between two regional banks, Rockland Trust and Enterprise Bank, is costing 125 local employees their jobs.

Rockland Trust filed a state WARN notice last week stating that the planned merger will affect up to 125 positions by the end of the year. 

Rockland Trust’s chief human resources officer, Maria Harris, says in a statement that the affected jobs have “overlapping operational functions. ” 

Harris says Rockland Trust has extended offers to more than 71% of Enterprise Bank colleagues, with additional offers expected soon. 

“Our focus right now is supporting Enterprise colleagues through this transition with transparency, care, and respect,” she said. 

The bank is offering interview skills training and resume writing workshops. Rockland Trust recently hosted a job fair featuring local employers to assist those who may not continue with the combined organization. The bank is planning to hold another fair in August. 

Harris says that all Enterprise branches will remain open. 

Rockland Trust announced in December that it would acquire Enterprise Bank in a $562 million deal.

Enterprise Bank was founded in 1989 in Lowell and has 27 full-service branches in Massachusetts and New Hampshire. As of September, it had $4.7 billion in assets. 

Rockland Trust will have about $25 billion in assets following the merger. The merger is anticipated to occur in the second half of 2025. 

The merger came three years after Rockland Trust acquired East Boston Savings Bank, which added 26 branches throughout Greater Boston and three commercial lending centers in a $1.15 billion deal.

Regarding the current deal, Jeffrey Tengel, the president and CEO of Independent Bank Corp., the parent company of Rockland Trust, said, “Both institutions believe that banking is about making a meaningful, positive difference in the lives of local families and businesses.”

Tengel said in a statement that he looks forward to extending Rockland Trust’s reach into northern Massachusetts and New Hampshire. 

He continued, “Together, our combined institution will bring expanded convenience and additional products and services to the communities we are proud to serve.” 

Beth Treffeisen is a general assignment reporter for Boston.com, focusing on local news, crime, and business in the New England region.