Leaving the lending company Once 20 years, Chief executive officer Christopher Oddleifson Looks Straight back

Rockland Believe President Christopher Oddleifson piloted the lending company compliment of eleven acquisitions one to turned the institution into the a great survivor of financial integration, instead of a figure.

When Christopher Oddleifson grabbed more than given that Rockland Faith Co.is why Chief executive officer in 2003, Massachusetts had more doubly many finance companies headquartered throughout the state than just it does now.

As over 100 mergers in 2 decades shrank the fresh new nation’s financial community, Rockland Trust manage be an option figure within the bank integration, a strategy that Oddleifson told you could have saved the financial institution.

Once i searched from windshield in the future from inside the 2003, We said, M&A has got to end up being opportunistic,’ Oddleifson said. Now that We look in the latest rearview mirror 20 years later on, I am able to declare that if we didn’t make scale having people purchases, we would was among financial analytics because better.

How A couple Acquisitions Set Rockland Believe Right up to achieve your goals

Financial purchases aided Rockland Faith expand regarding a beneficial $dos.3 mil-advantage financial whenever Oddleifson found its way to to having almost $20 million into the assets today. Oddleifson walked down away from his role while the President of one’s financial and its own father or mother providers, Independent Financial Corp., to your Feb. six and will retire regarding bank immediately following existence on in consultative part from the end of the year.

Just after delivery their field in the middle-mid-eighties from the a consulting company coping with multiple opportunities, also banking, Oddleifson desired to scale back on take a trip ahead of the birth out of 1st child. The guy looked at options in some markets prior to taking a beneficial job on Signet Financial from inside the Virginia. When Signet try gotten by the First Relationship Lender, Oddleifson gone to live in North carolina and you can spent five years as the chairman of 1 of your own bank’s divisions, Very first Partnership Household Security Financial.

In the event the next merger saw Basic Union and Wachovia blend, Oddleifson gotten a good severance plan and you will chose to take some time out of prior to getting his 2nd business. The guy and his awesome partner had desired to proceed to The brand new The united kingdomt, making the late-2002 occupations provide https://paydayloancolorado.net/hoehne/ Oddleifson acquired become Rockland Trust’s Chief executive officer a good greeting innovation.

I did not features a professional history eg a classic banker, Oddleifson told you. Exactly what this new board I believe watched in the me are I was able to grab an effective teams and you may render these to the new second efficiency height, that i thought there is done only at Rockland Believe over the history twenty years.

Rockland Trust was not in a position to to get most other financial institutions at the start of their tenure, Oddleifson said. The bank as an alternative focused on natural increases having an eye into capitalizing on Meters&Good potential whenever they emerged.

You to basic options was available in 2004, but it nearly don’t happens. Rockland Trust had missing out on a bid to obtain Falmouth Collaborative Financial but got the second possibility in the event the best buyer bowed aside.

A similar state took place in the 2008 when Rockland Believe very first forgotten from obtaining Somerset-dependent Slades Ferry Trust Co., only to score a separate opportunity if effective lender fell aside. Which merger, and therefore Oddleifson known as bank’s very profitable, assisted changes Rockland Trust’s purchase approach.

Which have these two acquisitions, i developed the experience, the experience additionally the history of stating just what we are heading to accomplish and you will carrying out what we are going to state, Oddleifson told you. Throughout 11 acquisitions, we now have be one of several preferred consumers in the area.

Just like the mergers turned Rockland Faith from a ninefold growth in assets so you’re able to an enhancing stock rate nevertheless they aided shrink the brand new nation’s financial globe. Its off off over two hundred banks based in the county for the 2003 so you’re able to on the 100 now.

Oddleifson noted if the guy completed his name given that Massachusetts Lenders Association board settee this current year, brand new trading group had over two hundred users, in addition to banks headquartered various other states one to work with Massachusetts. This new connection now has from the 120 participants.

But with no Meters&A strategy you to gave the lending company the size and style it needed seriously to vie, Oddleifson told you, Rockland Trust may have had been obtained by itself. The guy expects the bank consolidation who has lasted for over thirty years to keep moving forward, both regionally and you will across the nation.

Along with improving the financial might have been this new intentional address it enjoys drawn on gains, Oddleifson said, plus before the Great Credit crunch when other You.S. financial institutions was growing its places and you will circumstances. Into the economic crisis, the guy told you, Rockland Believe met with the financing and you may firepower to carry with the far more customers compared to the other banking companies.

To own Oddleifson, Rockland Trust getting a larger financial has not yet changed its method with users. The bank keeps a keen unrelenting appeal into relationship, Oddleifson told you, which is instilled regarding society and you may exceeds a standard tagline.

Desire the acquisitions inside East Massachusetts part is served by benefited Rockland Trust, Oddleifson said. He indexed the mergers most of the occurred inside or adjacent to help you Rockland Trust’s established markets, therefore the lender went towards the these types of deals currently knowing the markets, well-known people and many group. The fresh new centered markets and additionally gave Oddleifson an opportunity to visit the branches and you may loan centers, now totaling more than 120, each year.

Oddleifson wants Rockland Trust’s solution to remain less than its the new frontrunner, Jeffrey Tengel, the former president away from Connecticut-depending People’s United Bank just before its order by the Yards&T Bank.

The guy most knows this idea of our own vision become brand new financial in which each relationship issues, really understands the power of neighborhood banking and it has a great humbleness regarding him one stay really to possess my personal associates and for the consumers and our groups, Oddleifson said.