Leaving the financial institution Just after 2 decades, Ceo Christopher Oddleifson Looks Back

Rockland Faith Chief executive officer Christopher Oddleifson piloted the financial institution as a result of 11 acquisitions one to turned into the institution to your an effective survivor out of lender consolidation, unlike a fact.

Whenever Christopher Oddleifson got more than while the Rockland Trust Co.is the reason Ceo into the 2003, Massachusetts got more than twice as of numerous finance companies headquartered from the county than just it does now.

As the over 100 mergers for the 20 years shrank the state’s banking community, Rockland Trust create feel an option figure from inside the lender integration, a method one Oddleifson said have protected the lending company.

As i seemed from the windshield to come when you look at the 2003, We said, M&A has got to feel opportunistic,’ Oddleifson told you. Now that I try the newest rearview echo two decades later on, I am able to point out that when we did not create level which have those individuals acquisitions, we would were among the lender statistics due to the fact really.

How Several Purchases Place Rockland Trust Right up for success

Lender acquisitions helped Rockland Faith develop out-of a great $dos.step 3 billion-house lender whenever Oddleifson found its way to to having nearly $20 mil when you look at the possessions today. Oddleifson went down of his role once the President of your lender and its own moms and dad organization, Separate Financial Corp., towards the Feb. 6 and can retire on financial immediately after staying in consultative part through the end of the season.

Immediately following birth their career regarding middle-eighties on an asking firm handling several marketplace, and banking, Oddleifson planned to cut back on take a trip prior to the delivery regarding 1st youngster. The guy checked solutions in a few markets before you take an effective business during the Signet Financial when you look at the Virginia. Whenever Signet was received from the First Commitment Lender, Oddleifson relocated to North carolina and you will spent five years since president of just one of bank’s divisions, Basic Relationship Home Collateral Financial.

In the event that second merger noticed Earliest Relationship and you can Wachovia blend, Oddleifson received an effective severance plan and chose to take time from in advance of getting their 2nd work. He along with his wife had wanted to proceed to The fresh The united kingdomt, putting some later-2002 business provide Oddleifson obtained are Rockland Trust’s President a great desired innovation.

I didn’t has actually a commercial background for example a timeless banker, Oddleifson said. But what the new panel I believe spotted within the me personally are I managed to bring a good communities and you can render these to the latest 2nd performance height, which i envision we done only at Rockland Faith over the history twenty years.

Rockland Believe was not in a position to and get other finance companies at the outset of their tenure, Oddleifson said. The bank alternatively focused on all-natural progress having an eye with the taking advantage of M&A great solutions when they arose.

One very first chance came in 2004, nonetheless it nearly did not occurs. Rockland Faith had missing from a quote to americash loans Joes find Falmouth Cooperative Bank but had an additional chance if the top bidder bowed away.

A similar situation taken place from inside the 2008 whenever Rockland Faith 1st destroyed on getting Somerset-established Slades Ferry Trust Co., in order to score yet another options when the profitable financial dropped away. This merger, and that Oddleifson called the bank’s very effective, aided change Rockland Trust’s buy strategy.

That have these acquisitions, i created the skill, the experience while the reputation of claiming just what our company is going doing and you may performing just what we are going to say, Oddleifson told you. Throughout 11 purchases, we’ve feel among the well-known people in your community.

As the mergers transformed Rockland Trust out of a beneficial ninefold growth in property so you can an improving stock speed nonetheless they aided compress brand new state’s banking industry. It is off out-of more two hundred finance companies headquartered regarding state in the 2003 to regarding 100 today.

Oddleifson indexed whenever the guy finished their identity as Massachusetts Bankers Organization board couch in 2010, the fresh change category got more than 2 hundred users, in addition to banking companies based in other claims you to work with Massachusetts. The brand new relationship presently has about 120 people.

But without the Meters&A strategy one to gave the bank the shape it needed seriously to contend, Oddleifson told you, Rockland Trust possess ended up being received alone. He wants the bank consolidation who’s got survived for over 3 decades to carry on going forward, one another regionally and you can across the nation.

And additionally improving the lender has been the newest deliberate approach it has drawn on gains, Oddleifson told you, and additionally till the High Market meltdown whenever almost every other You.S. banks have been growing the areas and you can items. For the economic crisis, he said, Rockland Believe had the resource and you will firepower to take into way more consumers versus other financial institutions.

To own Oddleifson, Rockland Faith to get a bigger bank have not changed its approach with people. The bank provides a keen unrelenting attention for the relationship, Oddleifson said, which is instilled on the community and exceeds a simple tagline.

Attention their purchases inside the East Massachusetts part is served by benefited Rockland Faith, Oddleifson said. He noted that the mergers all the occurred in this otherwise surrounding so you can Rockland Trust’s present field, therefore the lender went with the these deals currently knowing the field, popular customers and some teams. The centered field also provided Oddleifson an opportunity to go to all of the branches and you will loan centers, now totaling more than 120, each year.

Oddleifson expects Rockland Trust’s method to keep not as much as the the commander, Jeffrey Tengel, the former president off Connecticut-mainly based People’s United Bank ahead of the acquisition by the Meters&T Bank.

He extremely understands this concept of one’s sight becoming this new bank in which for each and every matchmaking matters, really understands the power of neighborhood banking and has an effective humbleness on the him one to stay well for my acquaintances and for all of our people and you can our groups, Oddleifson told you.