Making the lending company Just after twenty years, President Christopher Oddleifson Appears Back

Rockland Trust Chief executive officer Christopher Oddleifson piloted the financial institution using eleven acquisitions you to definitely became the institution toward a good survivor regarding financial consolidation, in lieu of a figure.

When Christopher Oddleifson took more because the Rockland Trust Co.is why Ceo when you look at the 2003, Massachusetts had more than twice as of many banking institutions based about county than it can today.

Just like the over 100 mergers in the two decades shrank the fresh state’s financial business, Rockland Faith manage become a switch profile when you look at the bank consolidation, a strategy you to Oddleifson told you have saved the financial institution.

As i appeared through the car windows to come in the 2003, We said, M&A has to feel opportunistic,’ Oddleifson said. Since We try looking in the brand new rearview echo twenty years later, I can claim that whenever we did not generate scale with those acquisitions, i would was in fact one of many bank statistics as really.

Just how A couple Acquisitions Set Rockland Believe Right up for achievement

Lender purchases assisted Rockland Believe grow off a great $2.3 million-advantage bank whenever Oddleifson found its way to to presenting nearly $20 million when you look at the possessions now. Oddleifson moved off away from their part while the Chief executive officer of your own lender and its particular father or mother business, Separate Financial Corp., towards the Feb. 6 and certainly will retire throughout the bank just after becoming on in advisory character from end of the year.

Immediately following beginning their profession throughout the mid-1980s within a consulting business coping with multiple industries, as well as banking, Oddleifson wanted to reduce take a trip before the beginning regarding 1st child. The guy examined ventures in a few markets prior to taking an excellent occupations within Signet Lender within the Virginia. Whenever Signet is received by the Earliest Connection Lender, Oddleifson moved to Vermont and invested 5 years while the president of a single of your bank’s departments, Basic Union Domestic Security Financial.

In the event that next merger watched Basic Union and you will Wachovia merge, Oddleifson acquired an excellent severance package and you may made a decision to take some time of before searching for their next occupations. The guy and his wife got wished to go on to The new England, putting some later-2002 employment give Oddleifson acquired to get Rockland Trust’s President a great anticipate invention.

I didn’t possess a commercial records for example a timeless banker, Oddleifson said. Exactly what the latest board I believe watched when you look at the myself are We was able to just take a beneficial communities and offer these to the new second show peak, which i believe there is complete here at Rockland Faith along the past 20 years.

Rockland Believe was not capable to get other finance companies at the start of his period, Oddleifson told you. The bank alternatively worried about organic development that have a watch towards the taking advantage of Meters&A good solutions whenever they arose.

You to definitely very first possibility was available in 2004, nonetheless it nearly did not occurs. Rockland Faith got lost from a quote to obtain Falmouth Collaborative Financial however, got another opportunity in the event that most readily useful buyer bowed out.

The same situation taken place during the 2008 whenever Rockland Trust first shed out on acquiring Somerset-based Slades Ferry Trust Co., simply to score a different sort of possibility if profitable financial dropped out. So it merger, and that Oddleifson known as bank’s really effective, aided transform Rockland Trust’s order strategy.

Which have both of these purchases, i created the skill, the action in addition to reputation of stating exactly what we are supposed to accomplish and you may carrying out exactly what we will say, Oddleifson told you. During the period of 11 acquisitions, we have be among common consumers in the area.

Because the mergers turned Rockland Faith out of an excellent ninefold growth in possessions to help you an improving stock rates nonetheless they aided compress the fresh country’s financial business. It is off out-of more 200 banking companies headquartered in the county in the 2003 to help you about 100 now.

Oddleifson noted that if the guy complete his title once the Massachusetts Bankers Organization panel couch in 2010, the new trade additional info category got more than 2 hundred members, plus banks based in other says you to operate in Massachusetts. Brand new connection now has from the 120 members.

But without any Yards&A method you to definitely gave the lending company the size it must contend, Oddleifson told you, Rockland Faith possess had been acquired itself. He wants the lending company consolidation who has got live for over 30 years to continue moving forward, both regionally and you may across the country.

And helping the bank has been the brand new intentional approach it provides removed to your increases, Oddleifson said, in addition to up until the Higher Recession whenever most other You.S. finance companies had been growing their avenues and you will things. From inside the financial crisis, he told you, Rockland Faith met with the money and you will firepower to create to your so much more consumers as compared to most other banking institutions.

Having Oddleifson, Rockland Faith getting a more impressive lender has not yet changed their strategy which have consumers. The financial institution possess an unrelenting appeal into relationship, Oddleifson said, that’s instilled on people and you may goes beyond a fundamental tagline.

Desire the purchases inside the East Massachusetts region has benefited Rockland Believe, Oddleifson told you. He listed the mergers every took place within otherwise surrounding so you’re able to Rockland Trust’s existing field, and so the lender went with the these types of deals currently understanding the field, prominent people and lots of group. The newest centered sector in addition to gave Oddleifson an opportunity to head to every twigs and you may mortgage stores, now totaling more than 120, each year.

Oddleifson anticipates Rockland Trust’s option to keep around their new commander, Jeffrey Tengel, the previous chairman off Connecticut-mainly based Mans Joined Bank prior to their buy from the Meters&T Financial.

He extremely knows this idea of your attention is new financial where for each relationships matters, really knows the efficacy of area financial features a humbleness on your that sit better having my colleagues and also for the customers and our very own communities, Oddleifson told you.