INDEPENDENT Exhibit 99
BANK CORP.
Parent of Rockland Trust Company
SHAREHOLDER RELATIONS NEWS RELEASE
- --------------------------------------------------------------------------------
288 Union Street, Rockland, MA 02370
Contact: Douglas H. Philipsen
Chairman of the Board
President and
Chief Executive Officer
(781) 982-6613
Richard J. Seaman
Chief Financial Officer
(781) 982-6347
FOR IMMEDIATE RELEASE
INDEPENDENT BANK CORP. MAKES MAJOR ACQUISITION
COMPANY ACQUIRES 12 BRANCHES FROM FLEET FINANCIAL AND COMMERCIAL LOANS FROM
BANKBOSTON'S SMALL BUSINESS BANKING DEVELOPMENT REAL ESTATE PORTFOLIO
ROCKLAND, Massachusetts (September 27, 1999) -- Independent Bank Corp. (NASDAQ:
INDB) and its sole banking subsidiary, Rockland Trust Company, have entered into
a purchase and assumption agreement with Fleet Financial Group to acquire 12
Massachusetts branches totaling $269 million in deposits and $37 million in
consumer and SBA loans. In addition, the Company will purchase approximately
$113 million of commercial real estate loans at par from BankBoston, related to
its Small Business Banking Developmental Real Estate portfolio. The acquisitions
result from the divestiture of Fleet branches after its merger with BankBoston.
This transaction is contingent on regulatory approvals and the raising of
approximately $10 million of total risk-based (Tier 2) capital. It will not be
necessary to raise common equity.
The 12 branches include two in Brockton and 10 on Cape Cod. These branches are
located at:
BROCKTON
836 North Main Street
34 School Street
CAPE COD
Centerville -- 1195 Falmouth Road
Harwichport -- Main Street
Hyannis -- 375 Iyanough Road
Mashpee -- Mashpee Rotary Circle, Route 28
PAGE 2: INDEPENDENT BANK CORP. ACQUISITION RELEASE
Orleans -- Main Street & Route 28
Osterville -- 22 Wianno Avenue
Pocasset -- 301B Barlows Landing
Sandwich -- Route 6A and Tupper Road
South Yarmouth -- 1123 Main Street
South Yarmouth -- 428 Station Avenue
These branches will continue to operate as Fleet offices until they are
converted to Rockland Trust in late Spring of 2000. All current Fleet employees
will be retained by Rockland Trust, and a special notification will be sent to
customers prior to the conversion.
Douglas H. Philipsen, Chairman, President and Chief Executive Officer of
Independent Bank Corp. and Rockland Trust Company stated that the acquisition of
these branches is a win for customers, communities, employees and shareholders.
"Our expansion into the Cape Cod market allows for better service to our current
customers as well as the opportunity to provide superior community-oriented
consumer, business and trust and investment services to a new market. The
branches are well situated and provide a strong foundation for serving the
entire Cape. The Small Business Banking Commercial Real Estate portfolio is
seasoned and provides good yields. Rockland Trust has long been active in this
business, and we understand it well."
Mr. Philipsen further stated, "The key to our success has been our 567 employees
who are dedicated to offering outstanding service. We look forward to Fleet and
BankBoston employees becoming part of our team."
Rockland Trust Company provides a full range of consumer, commercial, investment
and trust services throughout its current markets and will provide those same
services to the customers and businesses on the Cape. Following the closing of
this transaction, Independent Bank Corp. will have over $1.8 billion in assets,
46 retail branches including 36 in southeastern Massachusetts and 10 on Cape
Cod. The Company also operates eight commercial lending and two investment and
trust services offices.