Why Shares of Meridian Bancorp Are Climbing Today

Shares of Boston-based Meridian Bancorp (NASDAQ: EBSB) rose by more than 16% as of 10:05 a.m. EDT today, after the company announced yesterday that it will be acquired by competitor Independent Bank Corp. (NASDAQ: INDB). Independent Bank Corp., the holding company of Rockland Trust, is a $13.8 billion asset bank mostly operating in parts of Massachusetts. Meridian Bancorp, the holding company of East Boston Savings Bank, is a $6.5 billion asset bank largely located in Boston and the surrounding area.