Leaving the financial institution Once twenty years, President Christopher Oddleifson Looks Straight back

Rockland Believe Chief executive officer Christopher Oddleifson piloted the financial institution because of eleven acquisitions you to turned into the school towards a great survivor regarding lender combination, instead of a statistic.

When Christopher Oddleifson got more as the Rockland Faith Co.is why President when you look at the 2003, Massachusetts had more doubly of numerous finance companies headquartered regarding condition than simply it will today.

As the over 100 mergers within the 20 years shrank the fresh new country’s financial globe, Rockland Believe create be an option shape from inside the financial consolidation, a technique you to definitely Oddleifson told you have spared the bank.

When i featured from car windows ahead when you look at the 2003, We said, M&A needs to be opportunistic,’ Oddleifson told you. Given that I look-in the newest rearview echo 20 years after, I could declare that when we failed to make scale with the North Dakota budget cash advance individuals purchases, i would were one of several financial statistics while the better.

How A few Purchases Put Rockland Believe Upwards for achievement

Lender purchases assisted Rockland Trust expand out of a beneficial $dos.3 billion-house lender whenever Oddleifson found its way to to using nearly $20 mil inside the possessions today. Oddleifson walked down regarding his role as the Chief executive officer of bank as well as mother or father team, Independent Bank Corp., towards the Feb. six and certainly will retire regarding the financial immediately following being in advisory part from end of the year.

Shortly after delivery their job from the middle-1980s within a consulting agency coping with multiple marketplaces, plus financial, Oddleifson wanted to reduce travel before the beginning out-of 1st child. The guy examined possibilities in some areas before you take an excellent occupations at Signet Financial into the Virginia. Whenever Signet is obtained from the Basic Commitment Lender, Oddleifson moved to Vermont and you may invested five years because president of one of one’s bank’s divisions, Earliest Union Domestic Security Bank.

In the event that 2nd merger watched First Union and Wachovia blend, Oddleifson acquired a good severance package and you may made a decision to devote some time regarding prior to desire his second business. The guy along with his partner got desired to relocate to Brand new The united kingdomt, making the later-2002 job give Oddleifson received getting Rockland Trust’s Chief executive officer a great desired creativity.

I didn’t has a professional records such a timeless banker, Oddleifson said. Exactly what this new board I believe saw during the me personally is actually I was able to capture good communities and you can render these to the newest second show top, which i envision we’ve got done at Rockland Faith across the past 20 years.

Rockland Believe was not capable and acquire almost every other financial institutions at the beginning of their tenure, Oddleifson told you. The lending company as an alternative focused on all-natural gains which have an eye fixed on taking advantage of M&A great potential whenever they arose.

That earliest options came in 2004, but it almost failed to takes place. Rockland Trust had lost from a quote locate Falmouth Collaborative Lender however, had a second opportunity when the top bidder bowed aside.

An equivalent disease taken place in 2008 whenever Rockland Believe first forgotten from acquiring Somerset-mainly based Slades Ferry Trust Co., just to get a different sort of chance in the event the successful financial decrease aside. Which merger, hence Oddleifson known as bank’s most profitable, assisted changes Rockland Trust’s buy strategy.

With these two acquisitions, we created the skill, the experience together with reputation for stating what our company is supposed to do and creating exactly what we’ll state, Oddleifson said. Throughout eleven purchases, there is end up being among the popular consumers in your neighborhood.

While the mergers turned Rockland Trust out-of an excellent ninefold development in possessions so you can an improving inventory rates nevertheless they assisted shrink the latest nation’s banking industry. It’s down from more two hundred banks based about condition inside 2003 to regarding the 100 now.

Oddleifson listed that in case he accomplished his title given that Massachusetts Lenders Association board settee this year, new change category had more two hundred professionals, along with banking companies headquartered in other states you to definitely work in Massachusetts. The brand new association presently has regarding the 120 people.

But without having any M&A strategy one gave the financial institution the dimensions they wanted to compete, Oddleifson said, Rockland Believe have is gotten alone. The guy wants the lending company consolidation that survived for more than 3 decades to keep moving forward, each other regionally and you can around the world.

And additionally helping the financial has been this new intentional treat it provides taken towards the gains, Oddleifson said, together with until the Higher Market meltdown when almost every other U.S. banking companies have been increasing the avenues and you will circumstances. For the financial crisis, the guy said, Rockland Believe met with the financing and firepower to create on alot more users as compared to other banks.

To possess Oddleifson, Rockland Faith are more substantial bank has not yet changed its approach with people. The bank enjoys a keen unrelenting focus into the matchmaking, Oddleifson said, which is ingrained throughout the community and you will exceeds an elementary tagline.

Appeal their purchases for the Eastern Massachusetts region also has gained Rockland Faith, Oddleifson told you. The guy listed your mergers all the occurred within this or surrounding to Rockland Trust’s existing industry, and so the financial went into the this type of purchases already understanding the business, preferred customers and many staff. The latest concentrated field including gave Oddleifson a chance to go to every twigs and you can mortgage facilities, now totaling more than 120, each year.

Oddleifson needs Rockland Trust’s strategy to keep less than the the latest leader, Jeffrey Tengel, the previous chairman from Connecticut-founded Mans Joined Bank prior to their purchase from the M&T Lender.

The guy most understands this concept of one’s vision as the latest financial where for each relationships matters, most knows the efficacy of area financial possesses good humbleness regarding him that remain really getting my personal acquaintances and also for all of our people and all of our communities, Oddleifson said.