Independent Capital Trust III, 8.625% Cumul Trust Preferred Securities
INDBN
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- United States of America
- IPO Date
- Dec 7, 2001
- CIK
- 0001161763
- Similar Companies
- Business
- Independent Capital Trust III operates as a statutory business trust established by Independent Bank Corp. to issue 8.625% Cumulative Trust Preferred Securities (ticker: INDBN), with a liquidation amount of $25 per share; the trust's primary activities include offering these preferred securities and purchasing junior subordinated debentures from its sponsor. Formed in 2001 and headquartered in Rockland, Massachusetts, the trust facilitated an initial public offering of 1.00 million shares at $25.00 per share on December 7, 2001, with a specified term of 30 years. The securities provided Independent Bank Corp., the parent company and operator of Rockland Trust Company, with a mechanism to raise Tier 1 regulatory capital through tax-deductible interest payments on the underlying debentures. The trust's core offering centers on the INDBN securities, which paid quarterly distributions at a fixed 8.625% annual rate; these hybrid instruments qualified as trust preferred securities, blending debt and equity features for banking capital purposes. Independent Bank Corp., focused on commercial banking, mortgage lending, deposits, investments, insurance, and title services in Massachusetts, New England, and surrounding regions, sponsored the trust alongside related vehicles like Independent Capital Trust IV. The INDBN securities ceased trading as of December 31, 2006, following a call redemption by the trust, marking a significant operational termination. Independent Bank Corp. underwent notable strategic developments thereafter, including its 2021 acquisition of Meridian Bancorp, Inc., and a 2025 merger agreement with Enterprise Bancorp, Inc., completed with regulatory approvals secured by April 2025 to expand its branch network and assets under management. In December 2025, Independent Bank Corp. authorized a new share repurchase plan for up to 1.1 million shares in 2026, following the repurchase of 407,113 shares under its 2025 program.