Bailout Bank Bio: Independent Bank Corporation

May 28, 2009 | 3 min read | Print Article

Update

The company recently announced that it had re-purchased its preferred stock from the Treasury Department. Independent paid $78.2 million to reclaim the stock.

Updated 6-5-09

Independent Bank Corp. operates as the bank holding company for Rockland Trust Company that provides commercial banking, retail banking, and wealth management services, as well as sale of retail investments and insurance products in Massachusetts. It offers a range of deposit products, including demand deposit, interest checking, money market accounts, savings accounts, and time certificates of deposit. The company’s loan portfolio comprises commercial loans, which include loans to businesses for working capital and other business-related purposes, and floor plan financing; business banking loans that include loans to businesses for various commercial credit needs; and consumer loans that consist primarily of automobile loans, home equity loans, and overdraft protection. It also provides real estate loans, which comprise commercial mortgages that are secured by nonresidential properties; residential mortgages that are secured primarily by owner-occupied residences; and mortgages for the construction of commercial and residential properties. In addition, the company provides investment management and trust services to individuals, small businesses, and charitable institutions, as well as serves as executor or administrator of estates.

As of December 31, 2007, it operated 50 full service and 2 limited service retail branches, 9 commercial banking centers, 4 investment management offices, and 5 mortgage lending centers located in southeastern, Massachusetts; and Lincoln, Rhode Island. The company was founded in 1907 and is headquartered in Rockland, Massachusetts.

In November Independent announced that it would participate in the Treasury Department’s Capital Purchase Program. The company received $78.2 million on January 9, 2009 and repaid the funds on April 22, 2009.

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Bailout Bank Bio: Independent Bank Corp.


Federal Equity Investment	$78.2 million
Total Revenue	$212.3 million (2008) $191.8 million (2007)
Net Income	$24 million (2008) $28.4million (2007)
Number of Employees	827
Corporate Headquarters	Rockland, Massachusetts
Business Sector	Bank
Officers and Directors	Oddleifson, Christopher, President, Chief Executive Officer of the Company and Rockland Trust, Director Teuten, Thomas, Chairman of the Board Other Officers and Directors
Corporate Website	http://www.rocklandtrust.com/
Executive Compensation	Independent Bank Corp.