Key People Meridian Corp. Pennsylvania Robert M. Pennsylvania George C. Pennsylvania Robert T. Pennsylvania Edward J. Pennsylvania Anthony M. Pennsylvania Kenneth H. All Executives Christopher J. Randall J. McGarry Chief Information Officer. Joseph L. Charles D. Michael Curry Secretary.
Robert M. Casciato Independent Director. George C. Collier Independent Director. Robert T. Holland Lead Independent Director. With ever decreasing deposits after a run on the bank, and the unexpected death of the company president, the directors at Penn National decided to merge with another bank to ensure its long-term financial viability.
In July of , Penn National consolidated its operations with Central National Bank, an institution founded in to meet the needs of a growing number of wealthy industrialists in the coal, machinery, and iron industries. Although deposits continued to decline, Central Penn was healthy enough to provide loans throughout the Depression to more needy banks in the Philadelphia area. The bank expanded rapidly with the advent of World War II.
In addition, the bank reported the largest number of commercial accounts in its entire history. Near the end of the war in , the president and the board of directors recommended the approval of the Bretton Woods Agreement establishing the International Monetary Fund and the International Bank for Reconstruction and Development.
Over the next three decades, Central Penn continued its activity in the area of commercial banking, while expanding its base of operations by acquiring smaller local banks. By means of acquisition strategy, Central Penn expanded its branch network from four to seven counties, increased its services in consumer and instalment banking, and enlarged its base of deposits.
The history of American Bank and Trust Co. All of these banks provided banking services for individual customers as well as commercial accounts. Moreover, all four banks were heavily involved in providing loans for customers to build or purchase houses, securing capital for small business ventures, helping large manufacturing companies expand their facilities, and taking care of the large volume of deposits made by local farmers. The growth of these banks was characterized not only by increasing assets but by constant mergers and acquisitions.
With the resources from this merger, Berks County Trust not only survived the Depression but was designated as one of the two banks in Reading that was financially healthy enough to open for business after the "Bank Holiday" imposed by the Roosevelt administration in March In , the bank purchased Union National Bank and incorporated its branch network into its own operations. The strategy of an aggressive merger policy combined with new branch construction enabled Berks Country Trust to grow rapidly.
Since our founding in , we have embraced an entrepreneurial mindset and innovative approach, which has led to a better customer experience and tremendous growth for the bank. Meridian is expanding across Pennsylvania, New Jersey, Delaware and Maryland, hiring the best and the brightest, and improving our products and services to better serve you.
About Meridian Bank. Independent and Meridian currently anticipate completing the transaction in the fourth quarter of Independent Bank Corp. Rockland Trust has a longstanding commitment to equity and inclusion. This commitment is underscored by initiatives such as Diversity and Inclusion leadership training, a colleague Allyship mentoring program, and numerous Employee Resource Groups focused on providing colleague support and education, reinforcing a culture of mutual respect and advancing professional development, and Rockland Trust's sponsorship of diverse community organizations through charitable giving and employee-based volunteerism.
In addition, Rockland Trust is deeply committed to the communities it serves, as reflected in the overall "Outstanding" rating in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services.
The Bank serves businesses and individuals through approximately retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services.
Meridian Bancorp, Inc. East Boston Savings Bank, a Massachusetts-chartered stock savings bank founded in , operates 43 branches in the greater Boston metropolitan area, including 42 full-service locations and one mobile branch. East Boston Savings Bank offers a variety of deposit and loan products to individuals and businesses located in its primary market, which consists of Essex, Middlesex, Norfolk and Suffolk Counties, Massachusetts.
For additional information, visit www. This communication may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Independent and Meridian, the expected timing of completion of the transaction, and other statements that are not historical facts.
Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.
Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID pandemic and its impact on the global economy and financial market conditions and the business, results of operations, and financial condition of Independent and Meridian; uncertainty in U.
All forward-looking statements speak only as of the date they are made and are based on information available at that time.
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