Stock Alert: Meridian Bancorp Jumps 17%

(RTTNews) - Shares of Meridian Bancorp Inc. (EBSB) are jumping over 17% on Friday morning after Rockland, Massachusetts-based Independent Bank Corp. agreed to buy Meridian Bancorp for $1.2 billion.

EBSB is currently trading at $20.89, up $3.07 or 17.23%, on the Nasdaq.

Independent, the parent of Rockland Trust, said on Thursday that it will pay nearly $1.2 billion in stock for the parent company of East Boston Savings Bank. The deal is expected to close in the fourth quarter.

Meridian stockholder will receive 0.2750 of a share of Independent common stock for each share of Meridian common stock.

"This merger is consistent with our strategy of acquiring banks in overlapping and adjacent markets who share our relationship-focused style of banking," said Christopher Oddleifson, the President and Chief Executive Officer of Independent and the Chief Executive Officer of Rockland Trust.