Just how One or two Acquisitions Lay Rockland Faith Upwards for achievement

Making the bank Once two decades, President Christopher Oddleifson Appears Right back

Rockland Faith Ceo Christopher Oddleifson piloted the bank compliment of 11 purchases one became the college towards the a great survivor of bank combination, in lieu of a fact.

When Christopher Oddleifson got more than once the Rockland Believe Co.is the reason Ceo in the 2003, Massachusetts had more than twice as of several banking institutions based about county than just it can now.

Once the more than 100 mergers for the 2 decades shrank the fresh state’s banking globe, Rockland Trust would be a switch contour inside the bank consolidation, a strategy you to Oddleifson said could have stored the financial institution.

Whenever i checked through personal loans in Eagle the windshield to come into the 2003, We told you, M&A needs to be opportunistic,’ Oddleifson told you. Given that We look-in the rearview mirror 20 years later, I could claim that if we didn’t build level which have those acquisitions, we would have been among the many bank statistics once the well.

Exactly how A few Purchases Place Rockland Faith Upwards for success

Bank purchases aided Rockland Trust develop out of an excellent $dos.3 billion-house financial whenever Oddleifson found its way to to presenting nearly $20 million when you look at the property now. Oddleifson went off away from his role just like the President of your bank and its particular father or mother providers, Independent Bank Corp., on Feb. 6 and certainly will retire from the financial immediately after being on in consultative role from the prevent of the year.

Shortly after birth his job regarding mid-eighties within a consulting firm working with numerous marketplaces, in addition to banking, Oddleifson wanted to scale back on travelling ahead of the birth regarding 1st child. He tested possibilities in some markets prior to taking a employment at the Signet Lender from inside the Virginia. Whenever Signet was obtained because of the Basic Union Bank, Oddleifson moved to Vermont and you may spent 5 years while the chairman of a single of one’s bank’s divisions, Very first Connection Home Collateral Bank.

When the 2nd merger noticed Very first Relationship and you can Wachovia merge, Oddleifson acquired a severance bundle and you will made a decision to take some time from prior to looking for their second employment. The guy along with his spouse had wanted to relocate to The brand new England, deciding to make the later-2002 jobs promote Oddleifson received are Rockland Trust’s President good greeting creativity.

I didn’t possess a commercial history such as a classic banker, Oddleifson said. But what the latest panel I do believe saw inside me personally is I was able to bring a great organizations and you can offer these to brand new next show level, that we believe we have complete only at Rockland Faith across the past two decades.

Rockland Trust wasn’t capable and get other finance companies at the outset of their tenure, Oddleifson told you. The lending company instead focused on organic growth with a watch to the taking advantage of Meters&Good opportunities once they arose.

You to basic options came in 2004, it almost failed to happen. Rockland Trust had forgotten out on a bid to find Falmouth Collaborative Lender but had the second possibility in the event the most useful buyer bowed aside.

An equivalent disease occurred in 2008 whenever Rockland Trust initially lost out on obtaining Somerset-based Slades Ferry Believe Co., merely to get a special chance when the effective financial decrease out. That it merger, and this Oddleifson called the bank’s very profitable, helped alter Rockland Trust’s buy means.

Having both of these purchases, i developed the skill, the experience together with history of saying exactly what we’re supposed doing and you can starting exactly what we shall state, Oddleifson told you. Over the course of 11 acquisitions, we’ve end up being among common consumers in the region.

Since the mergers transformed Rockland Faith of an excellent ninefold development in possessions so you can a developing stock price they also assisted shrink this new state’s banking world. It’s off away from more 200 finance companies based throughout the state inside the 2003 to about 100 today.

Oddleifson noted if the guy finished his name given that Massachusetts Lenders Connection board chair this present year, the latest trading category had over 200 members, as well as financial institutions headquartered various other says one to are employed in Massachusetts. The latest relationship presently has on 120 participants.

But without the M&A technique you to definitely gave the bank the size they necessary to vie, Oddleifson told you, Rockland Believe could have was received itself. He needs the financial institution combination who’s got endured for more than three decades to keep moving forward, each other regionally and you can across the nation.

And additionally helping the bank might have been brand new intentional address it has pulled to your development, Oddleifson told you, also before the Higher Credit crunch whenever other U.S. banking companies have been growing its segments and points. From inside the financial crisis, he told you, Rockland Believe encountered the financial support and you can firepower to carry on the far more consumers compared to the almost every other banks.

Getting Oddleifson, Rockland Trust to be a much bigger lender has not yet changed their approach having people. The bank possess a keen unrelenting attention towards the relationships, Oddleifson said, that is instilled in the community and you may surpasses an elementary tagline.

Attention the purchases within the Eastern Massachusetts part also has gained Rockland Faith, Oddleifson said. He listed your mergers all of the taken place inside or adjacent in order to Rockland Trust’s established field, so that the bank ran to your these types of purchases currently understanding the sector, common customers and many team. The newest concentrated business together with gave Oddleifson an opportunity to check out all of the twigs and you may financing locations, today totaling more 120, on a yearly basis.

Oddleifson wants Rockland Trust’s way to continue around their the brand new frontrunner, Jeffrey Tengel, the previous chairman regarding Connecticut-established Man’s United Financial ahead of its buy by Yards&T Financial.

He really understands this idea of our own attention getting brand new lender in which per matchmaking things, very understands the effectiveness of society financial and also a beneficial humbleness from the your one remain really getting my personal associates as well as our consumers and you can our communities, Oddleifson said.