ROCKLAND, Mass.–Metro Credit Union is acquiring four branches of East Boston Savings Bank that were scheduled to be closed.
The deal does not include the customer accounts of the bank and is for the physical branches only, according to a statement, but does include the employees.
Rockland Trust Co. is in the process of acquiring East Boston Savings Bank and the branches were slated to be shuttered as part of the deal.
“The mutually beneficial transaction will enable further retention of jobs for former East Boston Savings Bank employees and will enable Metro Credit Union to expand as Massachusetts’ largest state-charted credit union,” the credit union said in a statement. “With this transaction, Metro will acquire four physical branch locations and the employees working within them, enabling Metro to open two new locations at 960 Morrissey Boulevard in Dorchester and 1985 Centre Street in West Roxbury and relocate two existing branch locations in Burlington and Melrose to 50 Summit Drive and 108 Main Street, respectively.”
To Open in Early 2022
According to the organizations, the four locations are scheduled to open as Metro branches in early 2022, pending regulatory approval. The sale transaction between Rockland Trust and Metro is structured as an assignment of the applicable leases and is limited to the physical branch facilities, as Rockland Trust intends to maintain the existing customer relationships.
As part of the agreement, Rockland Trust and Metro Credit Union said they agreed that employees working within those branches at the time of the East Boston Savings Bank acquisition will be extended job offers with the $2.4-billion Metro Credit Union, subject to a background check. Additionally, branch employees at these locations will receive a generous severance package from Rockland Trust during the bridging period, the bank said.
“We approached this branch sale with the priority of securing as many jobs as possible, while minimizing the disruption to the neighborhoods around these branches,” said Robert Cozzone, COO/EVP-consumer and business banking at Rockland Trust. “We share and appreciate Metro’s high level of commitment to customers and employees, and we’re grateful this agreement will benefit the communities we serve.”
In addition to these four locations, Metro said it also plans to open two additional new offices in the fall of 2021, a new location on Main Street in Reading, and a second Peabody location on Andover Street. In total, Metro plans to open six new locations over the next six months, bringing its branch network to 18 locations.
‘Not Wavered’
“Metro has stayed strong and not wavered over the past year. In doing so, we have been able to maintain and build upon our strong foundation,” said Robert Cashman, president & CEO, Metro Credit Union. “With these new locations, Metro will serve the needs of local neighborhoods in terms of banking options, while also offering jobs and supporting communities. Each new branch is a terrific opportunity on many levels for everyone involved. We’re excited to welcome to the Metro family, new members and employees at these locations.”
According to the organizations, the sale of the branch locations is slated to take place before the end of the year, and is planned to occur shortly after Rockland Trust’s acquisition of East Boston Savings Bank. The closing of Rockland Trust’s acquisition of East Boston Saving Bank remains subject to the receipt of regulatory approvals which are currently pending.
Metro Credit Union has more than 200,000 members.