Making the bank Just after 2 decades, Ceo Christopher Oddleifson Looks Back

Rockland Believe President Christopher Oddleifson piloted the bank using 11 acquisitions you to turned the college on an excellent survivor of lender integration, rather than a statistic.

When Christopher Oddleifson grabbed more since the Rockland Trust Co.is why Ceo for the 2003, Massachusetts got more twice as of several financial institutions based on county than simply it does today.

Since over 100 mergers in the two decades shrank this new nation’s banking globe, Rockland Trust perform become an option profile during the financial consolidation, a strategy one to Oddleifson said possess saved the lending company.

As i featured through the windshield ahead in 2003, We told you, M&A needs to be opportunistic,’ Oddleifson told you. Since We try the brand new rearview reflect 20 years afterwards, I could point out that when we did not create measure having men and women acquisitions, i probably would was one of many lender statistics once the well.

How A couple Acquisitions Set Rockland Believe Upwards for success

Financial acquisitions helped Rockland Believe build from a good $dos.step three million-asset lender whenever Oddleifson found its way to to presenting nearly $20 billion into the property now. Oddleifson stepped off of his part as Chief executive officer of bank and its own moms and dad team, Independent Financial Corp., with the Feb. six and can retire on the bank immediately following becoming on in consultative character from the stop of the year.

Just after beginning their industry about mid-eighties from the a contacting agency dealing with numerous markets, and additionally banking, Oddleifson wished to reduce travel prior to the beginning out-of his first youngster. The guy tested potential in certain markets before taking a great employment on Signet Financial inside Virginia. Whenever Signet are obtained because of the Basic Partnership Bank, Oddleifson gone to live in North carolina and spent five years because the president of one of the bank’s departments, Very first Union Home Security Bank.

In the event the second merger saw Very first Union and Wachovia merge, Oddleifson gotten an effective severance package and you can made a decision to devote some time of ahead of desire his next jobs. The guy and his spouse had desired to proceed to This new The united kingdomt, putting some later-2002 occupations give Oddleifson obtained to-be Rockland Trust’s President an excellent welcome invention.

I didn’t keeps a commercial history instance a classic banker, Oddleifson told you. But what the fresh new board I do believe spotted inside the me was We been able to just take a good teams and you may give them to brand new 2nd results level, which i think we over here at Rockland Believe along side last 20 years.

Rockland Faith wasn’t in a position to to get other banking institutions at the start of his tenure, Oddleifson said. The lending company rather worried about natural growth that have a watch into the taking advantage of M&An effective possibilities whenever they arose.

You to first options was available in 2004, however it almost didn’t happens. Rockland Faith got missing on a bid locate Falmouth Cooperative Bank however, got the next possibility in the event the better buyer bowed aside.

The same disease taken place inside the 2008 when Rockland Trust 1st lost on acquiring Somerset-founded Slades Ferry Faith Co., simply to score another possibility in the event that successful bank decrease out. Which merger, hence Oddleifson known as bank’s very profitable, assisted change Rockland Trust’s buy method.

Having these acquisitions, i created the ability, the experience in addition to reputation of stating exactly what we have been supposed accomplish and you may starting just what we shall say, Oddleifson told you. Throughout eleven purchases, we’ve got end up being among the many popular customers in the area.

Once the mergers transformed Rockland Trust off an excellent ninefold development in assets so you can a boosting inventory price however they aided compress brand new state’s banking business. Its down away from more than 200 financial institutions based regarding county in the 2003 in order to throughout the 100 today.

Oddleifson detailed when the guy complete their label just like the Massachusetts Lenders Relationship board settee in 2010, the new trading group got more 2 hundred people, and finance companies based in other claims you to definitely are employed in Massachusetts. The fresh association is now offering about 120 professionals.

However, without the M&A method that gave the financial institution the dimensions they wanted to vie, Oddleifson told you, Rockland Faith could have was gotten itself. The guy anticipates the financial institution consolidation who may have lasted for more than three decades to keep in the years ahead, one another regionally and you can across the country.

Including improving the bank could have been the fresh deliberate address it have pulled with the progress, Oddleifson said, also up until the Higher Market meltdown whenever most other U.S. banks have been growing the avenues and you can things. When you look at the overall economy, the guy told you, Rockland Trust met with the financing and you will firepower to carry with the far more consumers compared to most other financial institutions.

To own Oddleifson, Rockland Faith becoming a much bigger lender has not yet altered its strategy having customers. The financial institution provides an enthusiastic unrelenting attention toward dating, Oddleifson told you, that’s instilled about culture and you can exceeds an elementary tagline.

Desire their acquisitions when you look at the Eastern Massachusetts part is served by benefited Rockland Faith, Oddleifson said. He indexed that the mergers all took place within this otherwise adjacent so you can Rockland Trust’s present market, so the financial ran toward such transactions currently knowing the sector, popular consumers and some employees. The brand new focused market along with gave Oddleifson a chance to check out every branches and you may loan centers, today totaling more than 120, on a yearly basis.

Oddleifson wants Rockland Trust’s method to keep significantly less than the the fresh chief, Jeffrey Tengel, the previous chairman out of Connecticut-depending loans Yampa CO Man’s United Bank ahead of the order by M&T Lender.

The guy most knows this idea of your vision become the newest bank where for every single dating things, very knows the effectiveness of society banking and has a humbleness on your one to stand better for my personal colleagues and also for our very own users and you will all of our groups, Oddleifson told you.