Making the bank Shortly after 2 decades, Ceo Christopher Oddleifson Seems Back
Rockland Believe Chief executive officer Christopher Oddleifson piloted the bank as a result of eleven acquisitions one to turned into the school for the a great survivor off bank consolidation, instead of a statistic.
Whenever Christopher Oddleifson grabbed more since Rockland Believe Co.’s Chief executive officer when you look at the 2003, Massachusetts got more doubly many banking institutions headquartered regarding the condition than just it will today.
Given that more than 100 mergers into the two decades shrank the newest state’s financial world, Rockland Trust carry out become an option profile inside the lender consolidation, a strategy you to definitely Oddleifson told you may have protected the financial institution.
Once i checked through the windshield in the future inside 2003, I said, M&A needs to become opportunistic,’ Oddleifson said. Now that We try looking in brand new rearview reflect two decades afterwards, I will point out that if we didn’t create scale which have the individuals purchases, i probably would were among the many lender statistics given that well.
How A couple Purchases Lay Rockland Trust Right up to achieve your goals
Bank purchases aided Rockland Trust expand from a great $2.3 mil-investment lender when Oddleifson found its way to to using nearly $20 million in the property now. Oddleifson strolled off regarding his character given that Ceo of bank and its mother or father company, Separate Lender Corp., towards the Feb. 6 and can retire on the financial once existence on in consultative role through the stop of the season.
Just after beginning their job in the middle-mid-eighties in the an asking business working with several industries, and banking, Oddleifson wished to cut back on traveling ahead of the delivery off 1st youngster. The guy checked-out opportunities in a number of markets prior to taking an effective jobs at Signet Lender within the Virginia. Whenever Signet try gotten by First Partnership Financial, Oddleifson gone to live in North carolina and invested five years once the president of just one of your own bank’s divisions, Basic Commitment Household Collateral Financial.
In the event that next merger spotted First Union and you may Wachovia merge, Oddleifson obtained good severance plan and you can made a decision to take some time out-of before desire his second employment. He with his partner had planned to move to The fresh new The united kingdomt, making the late-2002 business bring Oddleifson gotten to be Rockland Trust’s President a desired creativity.
I did not possess a commercial history such as a vintage banker, Oddleifson said. But what the brand new board I do believe noticed inside the myself are I was able to take an excellent teams and you will promote them to the newest second abilities level, which i thought we complete at Rockland Believe across the past two decades.
Rockland Trust wasn’t capable to get most other banking institutions at the beginning of his period, Oddleifson said. The bank instead focused on natural development having an eye to the capitalizing on Meters&An excellent ventures whenever they arose.
One to earliest chance came in 2004, nonetheless it nearly failed to happen. Rockland Faith had shed on a bid to find Falmouth Cooperative Bank but got an extra opportunity if most useful bidder bowed aside.
The same situation occurred in 2008 when Rockland Believe 1st forgotten on acquiring Somerset-mainly based Slades Ferry Faith Co., merely to get an alternate chance in the event the successful lender dropped away. This merger, and therefore Oddleifson called the bank’s extremely successful, helped transform Rockland Trust’s acquisition means.
Which have those two acquisitions, we developed the skill, the action together with reputation of claiming just what our company is going to-do and you can starting what we will state, Oddleifson told you. Throughout 11 acquisitions, we’ve got end up being one of many prominent consumers in the area.
Once the mergers switched Rockland Faith out of a ninefold growth in assets so you’re able to a boosting stock speed nonetheless they helped compress new state’s financial business. It’s down off more two hundred financial institutions headquartered about county inside 2003 so you can from the 100 now.
Oddleifson detailed whenever the guy complete his term due to the fact Massachusetts Lenders Relationship board couch this year, the new exchange group got over 200 people, plus financial institutions headquartered in other states you to are employed in Massachusetts. The new relationship presently has from the 120 members.
But without having any Yards&A method you to definitely offered the lending company the size and style they needed to vie, Oddleifson said, Rockland Believe could have is obtained by itself. He needs the lending company combination having lasted for over three decades to carry on moving forward, both regionally and you may nationally.
Including helping the lender could have been the brand new intentional loans Westcliffe CO approach it possess taken to the gains, Oddleifson said, plus before the Higher Credit crunch whenever almost every other U.S. banking institutions have been increasing its markets and issues. Inside financial crisis, he said, Rockland Trust met with the financing and you may firepower to create to your even more consumers compared to the almost every other banks.
Getting Oddleifson, Rockland Believe getting a much bigger bank has not changed the approach that have consumers. The lending company features an enthusiastic unrelenting desire towards the matchmaking, Oddleifson told you, that’s ingrained regarding culture and you may goes beyond a standard tagline.
Focus its acquisitions within the Eastern Massachusetts region has benefited Rockland Trust, Oddleifson said. He indexed that the mergers most of the taken place in this otherwise adjacent in order to Rockland Trust’s current market, therefore, the financial went to your these types of transactions already knowing the field, well-known consumers and lots of employees. The latest focused markets including offered Oddleifson the opportunity to head to all the twigs and financing facilities, today totaling more than 120, every year.
Oddleifson needs Rockland Trust’s option to keep less than its the fresh new commander, Jeffrey Tengel, the former president out-of Connecticut-based Man’s United Bank just before its purchase by the Meters&T Bank.
The guy very understands this concept of your vision becoming the latest financial where each matchmaking issues, very understands the effectiveness of community banking and it has a humbleness throughout the your that sit better getting my personal acquaintances as well as all of our customers and you can all of our organizations, Oddleifson told you.