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Rockland Trust
Company typeSubsidiary
IndustryBanking
FoundedSeptember 1907
HeadquartersRockland, Massachusetts, United States
Key people
Chris Oddleifson (CEO)
Total assetsUS$7.5 billion (2016)[1]
Number of employees
1,000+ (2016)[1]
ParentIndependent Bank Corp. (Nasdaq: INDB)
Websitewww.RocklandTrust.com

Rockland Trust is a commercial bank based in Rockland, Massachusetts that serves Southeastern Massachusetts, Coastal Massachusetts, Cape Cod, and Boston's MetroWest. Established in 1907[2] as Rockland Trust Company, it is one of few local banks that retain their original name and independent ownership after more than 100 years. Rockland Trust Company is the wholly owned subsidiary of Independent Bank Corp.,[3] and is the largest publicly traded commercial bank headquartered in Massachusetts.[citation needed] By October 2016, Rockland Trust had $7.5 billion in assets and employed around 1,000 people.[1]

History

1907-2000

The Rockland Trust Company was organized in September of 1907[4] in the Boston suburb of Rockland, Massachusetts.[1] As of September 30, 1907, bank resources were recorded by the Massachusetts Bank Commissioner at $317,852.52, and by December 3, 1907, were at $484,907.48. By September 23, 1908, resources were at $553,430.25. By June 23, 1909, they were at $645,430.87. At the last election, Rockland Trust Company's executive committee chairman, Horace T. Fogg, was elected "almost without opposition" to the office of Treasurer of Plymouth County.[4]

In 1910, Rockland Trust began offering "Automobile Banking" — an innovative program that offered banking services to nearby towns (including Hull, Massachusetts) from the window of a special adapted car. The program was so well received that it continued through 1955.[citation needed]

Rockland Trust's 1927 petition to open a branch in Hull, Massachusetts sparked a state-level debate on whether to allow "kangaroo banking" (banks opening branches in non-adjacent towns). The proposal was opposed by Alvan T. Fuller, then Governor of Massachusetts, and Hingham Trust, a bank based closer to Hull. The petition was finally granted by the Massachusetts legislature.[5]

2001-2018

In 2008, the bank instigated a "buying spree" of other financial companies,[1] acquiring Slades Ferry Bank that year.[citation needed] Rockland Trust acquired Benjamin Franklin Bank in 2009, adding 11 new branches and expanding into Boston's MetroWest area.[citation needed] In 2015, the bank was named the No. 1 largest company by the Boston Globe in its "2015 Top Places To Work" feature. [6]

Between 2005 and October 2016, the bank grew to have 85 branches in eastern Massachusetts and Rhode Island, and acquired Slades Ferry Bancorp, Benjamin Franklin Bank, Central Bank, Mayflower Bank and Peoples Federal Savings Bank.[1] The largest of those acquisitions was Benjamin Franklin, which had near $1 billion in assets.[7]

By October 2016, Rockland Trust was wholly owned by Independent Bank Corp and had $7.5 billion in assets. It also employed around 1,000 people, and had a loan limit of $100 million.[1] That month, the company acquired the Bank of Cape Cod. It had plans to begin offering wealth management services through its wealth management division.[1]

On October 20, 2016, it was reported that Rockland Trust Company would acquire Edgartown National Bank, with the merger expected to be complete by May 2017. The transaction was valued at about $24.5 million, according to the Vineyard Gazette. After the merger was finalized, it was reported the name of the Edgartown National Bank would change to Rockland Trust.[1]

In 2017, CEO Chris Oddleifson was quoted saying that they would consider acquiring banks with as much as $3 billion to $4 billion assets.[7] At the time, Rockland Trust had about $7.7 billion in assets.[7]

As of February 2018, Chris Oddleifson was CEO of Rockland Trust.[8] He had been president and CEO since prior to 2016.[1]

The company continues to operate as a subsidiary of Independent Bank Corp, and remains based in Rockland, Massachusetts with branches in the state and Rhode Island.[9]

Services and branches

Rockland Trust offers a wide range of commercial, retail, commercial banking products and services, business and consumer loans, insurance products and services, and investment management services from: 77 retail branches, 10 commercial lending centers, and 4 mortgage banking centers located throughout Eastern Massachusetts and on Cape Cod; and 4 investment management offices located in Southeastern Massachusetts, on Cape Cod, and in Rhode Island. Corporate headquarters are in Hanover, Massachusetts.[citation needed] By October 2016, Rockland Trust had $7.5 billion in assets and employed around 1,000 people.[1]

Notable acquisitions

  • 1992 - Middleboro Trust Company[10]
  • 2000 - Four Sovereign Bank branches[11]
  • 2004 - Falmouth Cooperative Bank [12]
  • 2008 - Slades Ferry Trust Company[13]
  • 2009 - Benjamin Franklin Bank[14]
  • 2012 - Central Bank[15]
  • 2013 - Mayflower Bank[16]
  • 2015 - People's Federal Savings Bank[citation needed]
  • 2016 - New England Bancorp, Inc., parent of Bank of Cape Cod[17]
  • 2017 - Island Bancorp, Inc., parent of Edgartown National Bank[17]

Images

See also

References

  1. ^ a b c d e f g h i j k Julia Wells (October 20, 2016). "Rockland Trust Will Acquire Edgartown National Bank". Vineyard Gazette.
  2. ^ http://www4.fdic.gov/IDASP/main_bankfind.asp (search Rockland Trust Company)
  3. ^ http://www.rocklandtrust.com/About/InvestorRelations.aspx
  4. ^ a b "The Story of Rockland". New England Magazine Company. 1910.
  5. ^ http://www.rocklandtrust.com/About/B&TArticle.pdf
  6. ^ Sarah Shemkus (November 12, 2015). "Rockland Trust named No. 1 largest company". Boston Globe. {{cite web}}: Italic or bold markup not allowed in: |website= (help)
  7. ^ a b c Greg Ryan (April 25, 2017). "Rockland Trust willing to buy a bank as big as $4B, CEO says". Boston Business Journal.
  8. ^ "The Future of Rockland Trust". NECN. February 14, 2018.
  9. ^ "Company Overview of Rockland Trust Company". Bloomberg.
  10. ^ http://www4.fdic.gov/IDASP/main_bankfind.asp (search Rockland Trust Company, then check “history” page)
  11. ^ http://www.fdic.gov/bank/individual/merger/2000/rmergers3.html
  12. ^ http://www.fdic.gov/bank/individual/merger/2004/rmergers4.html
  13. ^ http://www4.fdic.gov/IDASP/confirmation_outside.asp?inCert1=18085
  14. ^ http://www2.fdic.gov/idasp/confirmation_outside.asp?inCert1=90200
  15. ^ http://www.rocklandtrust.com/about-us/centralbank-merger-information.aspx
  16. ^ http://www.rocklandtrust.com/about-us/mayflower.aspx
  17. ^ a b "Rockland Trust History". www.rocklandtrust.com. Retrieved 2017-09-07.
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