Rockland Trust to Lay Off 125 Employees Amid Merger Developments
In a recent filing with the state, Rockland Trust Company, based in Massachusetts, has announced plans to lay off 125 employees this year. This decision comes as part of a broader strategy following a merger with Enterprise Bancorp.
Details of the Layoffs
According to a Worker Adjustment and Retraining Act (WARN) notice filed this week, the layoffs will affect workers across three locations in Lowell. The layoffs are scheduled to occur between July 1 and December 31 of this year.
Merger Background
This layoff announcement follows a merger declared five months ago, where Rockland Trust’s parent company, Independent Bank Corp., merged with Lowell-based Enterprise Bancorp, Inc. This merger was primarily aimed at allowing Rockland Trust to acquire Enterprise Bank and expand its market footprint.
Commitment to Lowell
In December, Rockland Trust emphasized its commitment to maintaining a significant presence in Lowell, asserting that it would not close any branches of Enterprise Bank. This commitment aims to reassure customers and employees that the merger would not drastically alter the community’s banking landscape.
Enterprise Bank’s Network
At the time of the merger announcement, Enterprise Bank operated 27 branches across Massachusetts and New Hampshire. The integration of these branches into Rockland Trust’s network aims to enhance customer services and accessibility.
Legal Requirements for Layoffs
Under the WARN Act, companies must notify employees and state officials when laying off a significant number of workers. This legal framework aims to provide affected employees with advance notice and assist in transitioning to new employment opportunities.
Rockland Trust’s Legacy
Founded in 1907 in Rockland, Massachusetts, Rockland Trust has evolved into a significant player in the regional banking sector, boasting over 120 branches across the state. The company prides itself on its community-focused approach and commitment to customer service.
As Rockland Trust navigates these layoffs and the integration of Enterprise Bank, the company seeks to maintain its dedication to its clients and the communities it serves, ensuring a balanced transition during this period of change.
