Edgartown National Bank, Rockland Trust Bank will merge

In a deal announced late Thursday, Rockland Trust, with $7.5 billion in assets, will acquire the Island banking institution.

Rockland Trust will acquire Edgartown National Bank. —Stacey Rupolo

Rockland Trust Bank, a dominant financial institution in Massachusetts and Rhode Island will acquire Edgartown National Bank, founded in 1905 and headquartered in Edgartown.

The announcement was made late Thursday in a press release and was accompanied by news of a donation to local housing organizations. In a letter addressed to customers posted on the Edgartown National website, bank president and CEO Fielding Moore said, “Under the agreement we anticipate that, in the spring of 2017, Edgartown National will merge with and into Rockland Trust to create an even stronger bank committed to serving the needs of communities, customers and businesses.”

Mr. Moore, a well known figure in the community said, “Edgartown National is a strong and profitable community bank which has been serving the Island of Martha’s Vineyard since 1905. After the merger, our four branches will operate as branches of Rockland Trust and will continue to serve customers and the community with the outstanding Edgartown National customer service staff whom you know and trust. Rockland Trust, which was established in 1907 and currently has approximately $7.5 billion in assets, serves customers throughout Eastern Massachusetts and Rhode Island through its extensive network of over 80 offices. The proposed merger with Rockland Trust provides greater resources and enables us to offer you an expanded array of products and services, including sophisticated banking technology, a new and improved online banking platform and bill pay, mobile banking, smart ATMs, text banking, Apple Pay and instant issue debit cards, as well as trust and wealth management services. Edgartown National and Rockland Trust are dedicated to providing exceptional customer service, and our employees are working together closely to ensure a smooth and seamless transition for customers.”

Mr. Moore cited Rockland Trust’s reputation as a good community partner and said the merger would benefit the Island community. “Furthermore to reflect its commitment to Martha’s Vineyard, Rockland Trust is donating $25,000 to the Island Housing Trust and Workforce Housing Partnership,” he said.

Rockland Trust is embarked on a growth spurt. In March, the bank announced a merger with Cape Cod Bank. Founded in 2006 and with four branches in Barnstable County, Cape Cod Bank had $214 million in deposits and $229 million in loans.

Edgartown National was chartered in 1905. It currently has approximately $171 million in deposits and approximately $153 million in loans, according to a press release. The bank has $194 million in assets.

“Rockland Trust already has many customer relationships with close ties to Martha’s Vineyard, so we welcome the opportunity to expand our Martha’s Vineyard physical presence by joining Edgartown National with Rockland Trust,” Christopher Oddleifson, the President and Chief Executive Officer of Independent and Rockland Trust, said in a press release. “It is a natural expansion and strengthening of our Cape Cod franchise. Edgartown National and Rockland Trust share the same values, and are committed to the communities they serve and the families that live in them. We look forward to welcoming Edgartown National colleagues and customers to Rockland Trust.”