Making the bank Once two decades, Ceo Christopher Oddleifson Appears Straight back
Rockland Believe Ceo Christopher Oddleifson piloted the bank through eleven acquisitions that turned the college into the a beneficial survivor out of financial integration, in place of a statistic.
When Christopher Oddleifson took more because Rockland Trust Co.’s the reason Ceo when you look at the 2003, Massachusetts got more doubly of several financial institutions based on county than it will now.
While the over 100 mergers in 20 years shrank the fresh state’s banking community, Rockland Faith manage be an option profile in the financial consolidation, a method you to definitely Oddleifson said may have protected the financial institution.
Whenever i seemed through the windshield in the future from inside the 2003, We said, M&A has to end up being opportunistic,’ Oddleifson told you. Now that I try this new rearview mirror two decades afterwards, I am able to claim that whenever we did not make measure which have those individuals purchases, i probably would was basically among lender analytics as the better.
Just how One or two Purchases Put Rockland Faith Upwards for achievement
Lender purchases helped Rockland Trust expand out of good $2.3 million-resource lender whenever Oddleifson arrived in to presenting almost $20 million when you look at the assets today. Oddleifson wandered off away from their role since the Ceo of your bank and its father or mother organization, Independent Financial Corp., into Feb. 6 and will retire on the financial shortly after getting in consultative character from the avoid of the year.
After beginning their field from the mid-eighties in the a consulting organization handling multiple marketplace, and additionally financial, Oddleifson desired to cut back on travelling prior to the birth out of 1st youngster. The guy checked out possibilities in a few markets prior to taking a business at Signet Lender in the Virginia. When Signet try obtained of the First Connection Bank, Oddleifson gone to live in New york and invested 5 years since the chairman of a single of one’s bank’s divisions, Basic Partnership House Collateral Bank.
If the second merger watched First Commitment and Wachovia blend, Oddleifson acquired a beneficial severance plan and you may decided to devote some time out-of prior to looking for their second business. The guy and his awesome wife had desired to relocate to The fresh new England, deciding to make the later-2002 occupations give Oddleifson received to get Rockland Trust’s President a invited installment loans online Alaska innovation.
I didn’t features a commercial history such as for instance a traditional banker, Oddleifson said. But what the new board I think saw inside myself is actually We was able to simply take an excellent groups and you will render these to brand new next show level, that i thought we’ve over at Rockland Trust along the history 20 years.
Rockland Faith was not in a position to acquire most other banks at the start of his tenure, Oddleifson told you. The lending company as an alternative focused on all-natural growth having an eye for the taking advantage of M&An effective options when they emerged.
That very first chance came in 2004, nonetheless it nearly didn’t takes place. Rockland Trust had forgotten out on a bid to obtain Falmouth Collaborative Bank however, had a moment chance when the best buyer bowed aside.
An identical disease occurred when you look at the 2008 when Rockland Faith 1st lost on obtaining Somerset-created Slades Ferry Believe Co., only to rating an alternate possibility in the event the successful financial dropped out. That it merger, and this Oddleifson called the bank’s very effective, helped transform Rockland Trust’s buy means.
That have these purchases, i created the expertise, the action and also the reputation of stating what we’re supposed accomplish and you may doing exactly what we will say, Oddleifson told you. Over the course of eleven acquisitions, we have be among the common buyers in your community.
Given that mergers turned Rockland Faith off a ninefold development in assets to a boosting stock rates nevertheless they helped compress the fresh nation’s banking community. It’s down from over two hundred banking institutions headquartered on county from inside the 2003 to help you from the 100 today.
Oddleifson listed that if he done his term due to the fact Massachusetts Bankers Association panel chair this year, brand new exchange group got over 2 hundred people, including finance companies based in other states one work in Massachusetts. The fresh new organization is now offering on 120 players.
But without any Meters&A strategy one to provided the financial institution the shape it had a need to vie, Oddleifson said, Rockland Trust might have is obtained in itself. He anticipates the lending company consolidation who has lasted for over thirty years to keep in the years ahead, one another regionally and you will nationwide.
Along with helping the lender might have been brand new intentional address it has taken for the growth, Oddleifson said, and up until the Higher Market meltdown whenever most other You.S. banks was broadening the areas and you can affairs. For the economic crisis, he told you, Rockland Believe encountered the capital and you will firepower to carry towards the more people compared to almost every other banking companies.
To have Oddleifson, Rockland Trust to get a more impressive bank has never altered their strategy that have customers. The bank provides an enthusiastic unrelenting desire into the relationship, Oddleifson said, that’s ingrained regarding community and surpasses a simple tagline.
Attention the acquisitions for the Eastern Massachusetts region comes with benefited Rockland Believe, Oddleifson told you. The guy listed that mergers most of the taken place contained in this otherwise surrounding to help you Rockland Trust’s established sector, therefore the financial ran with the this type of transactions already knowing the markets, well-known consumers and many employees. The new focused business also provided Oddleifson the opportunity to visit most of the branches and you will mortgage centers, today totaling more 120, annually.
Oddleifson anticipates Rockland Trust’s option to keep below their new frontrunner, Jeffrey Tengel, the previous chairman out-of Connecticut-oriented Man’s Joined Financial ahead of the buy by M&T Financial.
The guy extremely understands this concept your sight to be brand new lender in which for each and every dating issues, most knows the efficacy of area financial and has a great humbleness in the him you to definitely stand well having my acquaintances as well as all of our customers and you will our groups, Oddleifson said.