Making the financial institution After two decades, President Christopher Oddleifson Seems Straight back
Rockland Faith Ceo Christopher Oddleifson piloted the bank courtesy eleven purchases you to turned the institution to your a good survivor away from bank consolidation, unlike a statistic.
Whenever Christopher Oddleifson took over just like the Rockland Trust Co.’s the reason President into the 2003, Massachusetts got over twice as of several banks headquartered regarding the county than it will today.
Once the more than 100 mergers from inside the 20 years shrank the nation’s banking industry, Rockland Trust manage feel a key profile inside bank consolidation, a method one to Oddleifson told you may have saved the lending company.
When i searched from the windshield in the future for the 2003, We said, M&A has to become opportunistic,’ Oddleifson said. Since We try looking in the new rearview reflect twenty years later on, I could point out that whenever we didn’t generate scale with those people purchases, we probably would have been among the many bank statistics since the really.
Just how One or two Acquisitions Set Rockland Believe Up for success
Lender acquisitions helped Rockland Trust build regarding a great $dos.3 mil-advantage lender when Oddleifson found its way to to presenting nearly $20 mil for the possessions today. Oddleifson stepped down regarding his character because the Chief executive officer of the bank and its particular mother or father providers, Separate Bank Corp., into Feb. 6 and certainly will retire regarding the bank after staying in consultative role from end of the year.
Shortly after delivery their career regarding the mid-eighties during the an asking firm working with several areas, along with financial, Oddleifson wanted to scale back on traveling prior to the delivery regarding his first child. He examined possibilities in certain markets prior to taking a good business at Signet Lender from inside the Virginia. Whenever Signet was acquired by Basic Union Lender, Oddleifson transferred to Vermont and you may spent five years because chairman of one of your own bank’s divisions, Earliest Connection Home Security Lender.
If the 2nd merger spotted First Partnership and you can Wachovia combine, Oddleifson received an effective severance package and you can made a decision to take some time regarding just before desire their next job. He and his awesome wife had desired to relocate to Brand new England, making the late-2002 employment render Oddleifson received getting Rockland Trust’s Ceo good acceptance advancement.
I didn’t features a commercial history such as a traditional banker, Oddleifson told you. Exactly what the latest board I believe noticed for the me are I were able to bring an excellent groups and you may render these to brand new 2nd overall performance top, that we believe we’ve got done here at Rockland Trust over the history twenty years.
Rockland Believe wasn’t in a position to acquire most other banking companies at the beginning of their period, Oddleifson said. The bank instead concerned about all-natural growth that have a watch for the capitalizing on M&An effective potential if they emerged.
You to definitely first possibility came in 2004, it nearly didn’t takes place. Rockland Trust had lost out on a quote to obtain Falmouth Collaborative Bank but got a second chance when the loans in Nassau Village Ratliff ideal bidder bowed away.
An identical state taken place in the 2008 when Rockland Faith initial missing out on obtaining Somerset-built Slades Ferry Trust Co., only to score a special possibility if winning financial fell aside. This merger, which Oddleifson known as bank’s very successful, assisted changes Rockland Trust’s acquisition method.
That have these purchases, i developed the experience, the action and also the reputation for claiming just what we have been supposed to do and starting what we shall say, Oddleifson told you. Throughout 11 purchases, we have become among the popular buyers in your neighborhood.
Since the mergers transformed Rockland Faith out of a good ninefold development in possessions to a raising stock rate however they assisted compress brand new nation’s banking world. Its down from more 200 financial institutions based regarding the state in the 2003 in order to about 100 today.
Oddleifson indexed that when he completed their term since Massachusetts Lenders Association board settee this present year, this new exchange category had more than 2 hundred members, and banks based in other states one to are employed in Massachusetts. New association presently has regarding the 120 members.
But without the M&A method that offered the financial institution the size it had a need to vie, Oddleifson said, Rockland Believe have is received alone. The guy needs the bank integration that lasted for over thirty years to continue moving forward, both regionally and you may in the united states.
Along with helping the financial might have been the new intentional approach it possess taken toward progress, Oddleifson said, together with before Great Market meltdown when most other You.S. banking institutions were increasing its segments and you will situations. From inside the economic crisis, the guy said, Rockland Believe encountered the investment and you may firepower to carry to the more consumers compared to the other finance companies.
Getting Oddleifson, Rockland Trust become a larger lender has not yet changed their means having people. The financial institution have a keen unrelenting attract to the dating, Oddleifson told you, that is ingrained about society and exceeds a basic tagline.
Desire the purchases from inside the Eastern Massachusetts region has benefited Rockland Faith, Oddleifson told you. He indexed the mergers most of the happened within otherwise adjoining so you’re able to Rockland Trust’s present business, therefore, the lender went to the such transactions already knowing the markets, prominent consumers and many group. The newest centered field including gave Oddleifson a way to visit all the twigs and you can mortgage facilities, today totaling over 120, annually.
Oddleifson expects Rockland Trust’s strategy to keep significantly less than the the chief, Jeffrey Tengel, the former president regarding Connecticut-built People’s United Financial just before their buy because of the Yards&T Lender.
The guy most understands this notion of our eyes becoming the lender where for every single relationship things, most knows the effectiveness of society banking and also a humbleness throughout the him you to definitely sit better having my personal associates as well as all of our customers and you can our very own communities, Oddleifson said.
