Leaving the lending company Immediately following 2 decades, President Christopher Oddleifson Looks Right back

Rockland Trust President Christopher Oddleifson piloted the financial institution using eleven purchases one to turned into the institution with the a great survivor off lender integration, unlike a fact.

Whenever Christopher Oddleifson grabbed more than just like the Rockland Faith Co.’s President in the 2003, Massachusetts had more twice as many banking institutions headquartered about condition than simply it can today.

As over 100 mergers for the twenty years shrank the brand new nation’s banking community, Rockland Trust carry out be a button profile into the lender consolidation, a strategy one to Oddleifson told you possess stored the financial institution.

When i seemed through the car windows in the future during the 2003, We said, M&A has got to be opportunistic,’ Oddleifson told you. Since We try the new rearview echo 20 years later, I’m able to say that whenever we did not create measure having those purchases, i would was indeed among the financial analytics due to the fact better.

How A couple of Purchases Lay Rockland Faith Right up to achieve your goals

Financial acquisitions aided Rockland Faith grow out-of a great $2.step 3 million-advantage lender whenever Oddleifson found its way to to having nearly $20 mil during the possessions today. Oddleifson stepped down regarding their role while the Ceo of your own financial and its parent providers, Independent Bank Corp., into the Feb. six and certainly will retire in the bank immediately following existence on in consultative role through the prevent of the season.

Shortly after birth his industry on middle-1980s within an asking firm dealing with multiple areas, and additionally banking, Oddleifson wished to reduce travel prior to the birth of his first youngster. He looked at possibilities in a number of areas before you take an excellent jobs at the Signet Lender inside the Virginia. When Signet try gotten by the Very first Relationship Financial, Oddleifson gone to live in New york and you may invested 5 years because president of 1 of one’s bank’s divisions, First Relationship House Security Lender.

If the next merger spotted Very first Relationship and you may Wachovia merge, Oddleifson acquired an effective severance package and chose to take some time out-of just before searching for their 2nd jobs. He along with his partner got planned to relocate to New England, deciding to make the late-2002 jobs promote Oddleifson acquired to get Rockland Trust’s President a greeting innovation.

I did not has a professional history such as for example a timeless banker, Oddleifson told you. But what brand new panel I believe spotted inside me personally are I managed to just take a communities and you can provide them to the fresh next efficiency peak, which i think we’ve over at Rockland Believe across the last twenty years.

Rockland Faith wasn’t capable acquire other financial institutions at the start of his period, Oddleifson told you. The financial institution instead worried about organic gains having a close look into the taking advantage of M&An effective potential once they emerged.

You to definitely first options came in 2004, nevertheless almost don’t happen. Rockland Believe had missing out on a quote discover Falmouth Cooperative Lender but got an extra chance if the greatest buyer bowed out.

An equivalent disease occurred for the 2008 whenever Rockland Trust initial shed on getting Somerset-situated Slades Ferry Faith Co., only to rating a unique options when the successful bank dropped away. Which merger, and that Oddleifson known as bank’s very profitable, assisted changes Rockland Trust’s purchase approach.

Which have these two acquisitions, i created the skills, the experience plus the history of claiming just what our company is heading doing and creating just what we’ll say, Oddleifson said. Throughout eleven acquisitions, there is become one of the preferred buyers in the region.

Since the mergers switched Rockland Believe regarding a ninefold development in property to a boosting stock price nonetheless they helped shrink the fresh country’s banking globe. It is down away from more than 200 banking institutions based regarding the condition when you look at the 2003 so you can about 100 now.

Oddleifson listed if the guy complete his name given that Massachusetts Lenders Connection board sofa in 2010, the newest trade category had over 2 hundred users, as well as financial institutions headquartered in other says that work in Massachusetts. The fresh association now has regarding the 120 participants.

However, with no M&A method one offered the bank the size they must vie, Oddleifson said, Rockland Faith possess was obtained alone. He expects the financial institution consolidation that has endured for more than 30 years to carry on in the years ahead, each other regionally and you can around the world.

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Plus improving the bank might have been the newest intentional treat it provides taken towards the development, Oddleifson said, as well as before Higher Credit crunch whenever most other You.S. finance companies was in fact broadening its locations and you may activities. For the economic crisis, the guy told you, Rockland Believe met with the resource and you can firepower to bring with the alot more customers compared to the almost every other banking companies.

To possess Oddleifson, Rockland Trust to be more substantial lender has not changed its means with consumers. The lending company features a keen unrelenting attract toward dating, Oddleifson told you, that’s instilled regarding the community and exceeds an elementary tagline.

Interest the acquisitions into the East Massachusetts area likewise has gained Rockland Trust, Oddleifson told you. The guy noted that the mergers all the taken place within this otherwise adjoining in order to Rockland Trust’s present business, therefore the bank ran on these types of deals already knowing the industry, prominent users and some staff. The fresh focused markets together with offered Oddleifson the opportunity to check out all branches and loan locations, today totaling more 120, yearly.

Oddleifson expects Rockland Trust’s solution to remain under the the fresh commander, Jeffrey Tengel, the previous president out-of Connecticut-situated People’s United Bank before their buy by the Yards&T Financial.

The guy really knows this idea of your sight are the fresh new bank where each matchmaking things, extremely knows the effectiveness of society financial features a beneficial humbleness throughout the him one remain really getting my associates as well as the people and our very own groups, Oddleifson told you.