Projo Biz Blog

Rockland Trust Co., of Rockland, Mass., a subsidiary of Independent Bank Corp., has agreed to sell 17 pieces of real estate for $32.2 million to American Realty Capital LLC, based in Pennsylvania.

Simultaneously, Rockland, a subsidiary of Independent Bank Corp., plans to lease back the 17 pieces of real estate. The leases are for 10 to 15 years in length for each location. The closing is scheduled for May 2, according to a federal regulatory filing.

The transaction is expected to immediately add to 2008 earnings, officers of Rockland Trust said. Independent Bank Corp. (INDB:Nasdaq) runs banks in Plymouth, Norfolk, Barnstable and Bristol counties, in Massachusetts, and acquired Slades Ferry Bancorp, (SFBC:Nasdaq) based in Somerset, in February.

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