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Leaving the bank Shortly after 2 decades, President Christopher Oddleifson Looks Right back

Rockland Faith Ceo Christopher Oddleifson piloted the financial institution owing to eleven acquisitions that became the school to your good survivor out of bank integration, in the place of a figure.

When Christopher Oddleifson grabbed more than just like the Rockland Faith Co.’s the reason Ceo for the 2003, Massachusetts had more than two times as many banking companies headquartered from the condition than simply it will now.

As the over 100 mergers during the two decades shrank this new nation’s financial business, Rockland Believe manage be a switch contour inside the lender consolidation, a technique one to Oddleifson told you may have saved the financial institution.

Whenever i searched from car windows ahead in 2003, We said, M&A has to getting opportunistic,’ Oddleifson said. Now that We look-in brand new rearview reflect 2 decades later, I am able to declare that if we don’t build scale which have people acquisitions, i probably would was indeed one of the bank analytics given that really.

How Several Purchases Set Rockland Believe Up for achievement

Lender purchases aided Rockland Believe develop of an excellent $2.3 million-resource financial when Oddleifson found its way to to using almost $20 million within the property today. Oddleifson wandered off of his role because the Ceo of bank and its own father or mother providers, Independent Lender Corp., into the Feb. 6 and will retire throughout the bank once existence in advisory role from end of the season.

Immediately following beginning his career regarding mid-1980s in the a consulting agency handling several opportunities, along with banking, Oddleifson desired to scale back on take a trip prior to the beginning of his first youngster. He examined ventures in some marketplaces prior to taking a great jobs during the Signet Financial during the Virginia. When Signet try received because of the Basic Partnership Lender, Oddleifson moved to North carolina and you will invested five years because the president of 1 of one’s bank’s departments, Very first Partnership Domestic Collateral Lender.

If the next merger saw Basic Connection and you can Wachovia combine, Oddleifson obtained a severance plan and made a decision to take time out of just before searching for their next business. He and his awesome wife got wanted to go on to The England, deciding to make the late-2002 employment promote Oddleifson received becoming Rockland Trust’s Chief executive officer an excellent invited invention Maryland installment loans.

I did not features a professional record such as a traditional banker, Oddleifson said. Exactly what the fresh board I believe spotted in myself are I been able to capture a great groups and give them to brand new second performance peak, which i thought we’ve got complete only at Rockland Trust along the last two decades.

Rockland Trust was not able to acquire almost every other financial institutions at the beginning of their period, Oddleifson said. The lending company alternatively worried about organic progress which have an eye to the taking advantage of Yards&An effective ventures if they emerged.

One to basic possibility was available in 2004, nevertheless almost failed to happens. Rockland Trust had lost out on a bid to get Falmouth Cooperative Bank but got another possibility if best buyer bowed out.

A similar condition took place within the 2008 whenever Rockland Faith very first missing out on getting Somerset-depending Slades Ferry Trust Co., just to rating yet another options in the event that winning bank dropped out. It merger, which Oddleifson known as bank’s most profitable, helped changes Rockland Trust’s acquisition means.

Which have both of these purchases, i developed the experience, the action and reputation of stating exactly what we have been going accomplish and performing just what we are going to state, Oddleifson told you. Throughout 11 purchases, we have getting among the many preferred buyers in the region.

Because the mergers switched Rockland Believe out-of a great ninefold development in assets so you can a strengthening stock rates they also assisted compress this new country’s banking world. It is off off more than 2 hundred banks headquartered in the county for the 2003 so you’re able to regarding the 100 now.

Oddleifson noted when he finished his title due to the fact Massachusetts Lenders Relationship panel couch this year, brand new trade class had more than two hundred members, including financial institutions headquartered various other claims one operate in Massachusetts. This new relationship is now offering in the 120 people.

However, with no M&A method one to offered the financial institution the size and style they necessary to compete, Oddleifson said, Rockland Trust could have got received by itself. The guy expects the financial institution integration that has lasted for over thirty years to carry on going forward, each other regionally and you will across the country.

And additionally improving the lender could have been brand new deliberate treat it features removed toward development, Oddleifson said, along with before Higher Recession whenever most other U.S. finance companies were expanding the locations and you can things. Into the overall economy, the guy told you, Rockland Trust had the financing and you will firepower to carry on the far more customers compared to the almost every other banks.

To have Oddleifson, Rockland Believe becoming a much bigger financial has never changed the approach having customers. The bank have an unrelenting appeal to the relationship, Oddleifson told you, which is ingrained on community and surpasses a fundamental tagline.

Attention the purchases inside the East Massachusetts part likewise has benefited Rockland Believe, Oddleifson told you. He indexed that mergers all of the happened within this or surrounding to Rockland Trust’s existing business, therefore, the lender went for the this type of deals currently knowing the field, well-known customers and lots of staff. The latest focused field including provided Oddleifson a chance to see all branches and loan facilities, today totaling over 120, on a yearly basis.

Oddleifson needs Rockland Trust’s solution to remain not as much as their brand new chief, Jeffrey Tengel, the former chairman out of Connecticut-situated People’s Joined Bank before their acquisition by the Meters&T Financial.

He most knows this notion of one’s sight are the brand new financial in which for every single dating issues, very understands the efficacy of neighborhood banking and has a humbleness on the your one remain well to possess my associates and our customers and you will the organizations, Oddleifson said.