Somerville-based Central Bank has been purchased by Rockland Trust, according to a press release issued Tuesday morning.

The Central Bank branch on Broadway and the bank's eight other locations will all remain open as Rockland Trust branches, a company spokeswoman said Tuesday. The sale will cost Rockland Trust's parent company Independent Bank Corp about $55 million and is expected to be finalized by the end of the year.

Central Bank was established in 1915. It operates branches in Arlington, Burlington, Chestnut Hill, Malden, Medford, Melrose, Somerville and Woburn.