Peoples Federal Bancshares Okay Merger With Independent Bank

(RTTNews) - Peoples Federal Bancshares Inc (PEOP) said its stockholders voted to approve the merger of Peoples with and into Independent Bank Corp (INDB).

The date of the closing, which cannot take place until all applicable regulatory approvals have been received, has not yet been determined.

Peoples and Independent will issue a supplemental press release once more definite information about the closing date is known.

In August, Independent Bank Corp., parent of Rockland Trust Co., agreed to buy Peoples Federal Bancshares, parent of Peoples Federal Savings Bank. Peoples Federal Savings has eight full-service bank branches, including four within the City of Boston in Brighton, Allston, West Roxbury, and Jamaica Plain. Peoples Federal Savings also has three Norfolk County branch locations in Brookline, Norwood, and Westwood, as well as a West Newton location in Middlesex County. Peoples Federal Savings has about $606 million in total assets, $435 million of deposits, and $497 million in loans.