Independent Bank Corp.
NASDAQ Global SelectCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.Company Description
- CEO
- Jeffrey J. Tengel
- Full Time Employees
- 2,294
- Sector
- Financial Services
- Industry
- Banks - Regional
- Address
- 288 Union Street Rockland MA United States of America 02370
- IPO Date
- May 14, 1986
- CIK
- 0000776901
- Website
- rocklandtrust.com
- Similar Companies
- Business
- Independent Bank Corp. (NasdaqGS: INDB) operates as the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Rockland, Massachusetts, that provides a comprehensive range of banking, investment, and financial services to individuals, families, small-to-medium-sized businesses, and commercial clients primarily in Eastern Massachusetts, Worcester County, Rhode Island, Southern New Hampshire, and Northern Massachusetts. Rockland Trust offers deposit products including interest checking accounts, money market accounts, savings accounts, demand deposits, and time certificates of deposit; lending solutions encompassing commercial real estate loans, commercial construction loans, commercial and industrial loans, small business loans, secured and unsecured commercial loans, consumer real estate loans such as residential mortgages and home equity lines, as well as term loans and revolving credit facilities; and additional services comprising wealth management, investment management, insurance products, mobile/online/telephone banking, mortgage lending, and title services. The bank maintains a network of retail branches, commercial banking offices, and investment management locations across its market areas, targeting community-oriented customers with a focus on personalized service. In a major strategic expansion completed on July 1, 2025, Independent Bank Corp. acquired Enterprise Bancorp, Inc. (NasdaqGS: EBTC) in a cash-and-stock transaction valued at approximately $562 million, merging Enterprise Bank into Rockland Trust to create a combined entity with roughly $25 billion in assets, $20 billion in deposits, $19 billion in loans, and $8.7 billion in wealth assets under administration, while adding 151 locations and strengthening its presence in Northern Massachusetts and New Hampshire. This transaction, Independent Bank's first acquisition since the 2021 purchase of Meridian Bancorp, Inc. and East Boston Savings Bank, is expected to deliver approximately 16% earnings per share accretion in 2026 through 30% cost savings on Enterprise's operating expenses, enhanced core deposit franchise, and revenue synergies from cross-selling Rockland Trust's full suite of banking, wealth management, and advisory services. Independent Bank Corp. plans to raise $250 million in subordinated debt prior to full integration and has appointed former Enterprise directors Kenneth S. Ansin and Joseph C. Lerner to its board, with Enterprise CEO Steven Larochelle serving as a consultant for one year post-closing.
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