Leaving the lending company Shortly after two decades, President Christopher Oddleifson Looks Back
Rockland Faith President Christopher Oddleifson piloted the lending company courtesy 11 purchases one became the school on the a survivor out of bank consolidation, instead of a statistic.
Whenever Christopher Oddleifson got over because the Rockland Faith Co.’s the reason President in the 2003, Massachusetts got more than twice as of many financial institutions based about county than simply it will today.
Once the over 100 mergers when you look at the 20 years shrank the brand new country’s banking globe, Rockland Believe manage become an option shape within the lender combination, a strategy one to Oddleifson said might have saved the financial institution.
As i featured from the car windows in the future inside 2003, We told you, M&A needs to become opportunistic,’ Oddleifson said. Now that I try the rearview echo 20 years later, I’m able to say that if we did not make size having those people acquisitions, we would have been one of several bank statistics once the really.
How Several Purchases Put Rockland Believe Upwards for success
Bank purchases helped Rockland Trust expand off a good $2.step three mil-investment financial when Oddleifson found its way to to using almost $20 mil for the assets today. Oddleifson wandered off out of their role since President of your own lender and its father or mother team, Separate Financial Corp., to your Feb. six and can retire throughout the lender once staying on in advisory character through the prevent of the season.
Immediately following delivery his job about middle-mid-eighties within an asking enterprise working with numerous opportunities, also banking, Oddleifson wished to scale back on traveling ahead of the birth away from 1st child. The guy checked-out opportunities in certain markets before taking a good jobs at the Signet Lender for the Virginia. Whenever Signet is gotten by Earliest Relationship Financial, Oddleifson relocated to New york and spent five years while the chairman of 1 of one’s bank’s departments, Very first Connection Home Guarantee Lender.
In the event that 2nd merger saw Basic Relationship and you may Wachovia combine, Oddleifson received an excellent severance bundle loans Glenwood Springs and you will chose to take time away from ahead of desire their next job. He and his awesome wife got wished to relocate to Brand new The united kingdomt, putting some late-2002 work bring Oddleifson received to-be Rockland Trust’s Chief executive officer a good enjoy advancement.
I didn’t provides a commercial background particularly a timeless banker, Oddleifson said. Exactly what the latest board I think spotted from inside the me personally try I managed to take a beneficial teams and you can promote them to the next abilities height, that we consider we’ve over here at Rockland Believe over the history two decades.
Rockland Trust wasn’t capable and obtain most other banks at the outset of his period, Oddleifson told you. The financial institution rather worried about organic gains which have an eye on the capitalizing on Yards&A good potential if they emerged.
One to basic opportunity was available in 2004, nevertheless almost don’t takes place. Rockland Believe got lost out on a bid to obtain Falmouth Cooperative Bank but got another possibility when the finest buyer bowed aside.
An equivalent state happened for the 2008 when Rockland Believe initial missing on getting Somerset-created Slades Ferry Trust Co., just to rating a special options if the successful financial fell out. So it merger, and that Oddleifson known as bank’s extremely profitable, assisted alter Rockland Trust’s acquisition means.
That have these two acquisitions, i created the ability, the experience plus the reputation of claiming exactly what we have been supposed to complete and you may performing just what we will say, Oddleifson told you. During the period of 11 acquisitions, we’ve got end up being one of several common people in your neighborhood.
Given that mergers switched Rockland Trust out of an excellent ninefold development in possessions in order to a bettering stock rates however they aided compress the newest state’s banking industry. It’s off away from more than two hundred banking institutions based from the condition in 2003 so you can on the 100 today.
Oddleifson noted that if the guy completed his name since Massachusetts Bankers Organization panel settee this year, the trade class got more than two hundred participants, and finance companies based various other states you to definitely work in Massachusetts. Brand new association now has in the 120 professionals.
But without having any Yards&A strategy you to gave the bank the shape they must compete, Oddleifson told you, Rockland Faith have got gotten alone. The guy needs the financial institution integration who’s got endured for more than three decades to carry on going forward, both regionally and you can nationally.
Along with helping the bank could have been the new intentional approach it have taken toward gains, Oddleifson told you, also before the Great Recession when almost every other You.S. financial institutions was increasing their areas and things. When you look at the overall economy, he told you, Rockland Trust met with the financial support and you will firepower to create toward much more users versus most other banking companies.
For Oddleifson, Rockland Faith is a more impressive bank has not yet changed its means which have consumers. The financial institution features an unrelenting attract toward dating, Oddleifson said, that’s instilled in the culture and surpasses an elementary tagline.
Desire their acquisitions when you look at the East Massachusetts area also has benefited Rockland Trust, Oddleifson told you. He listed that mergers the occurred inside otherwise adjacent so you can Rockland Trust’s established field, therefore the lender ran towards the this type of purchases currently knowing the business, prominent people and some professionals. Brand new concentrated sector and offered Oddleifson a way to see most of the twigs and financing locations, today totaling over 120, yearly.
Oddleifson needs Rockland Trust’s method to keep around the the brand new commander, Jeffrey Tengel, the former chairman out-of Connecticut-depending Mans United Lender prior to their acquisition by the Yards&T Lender.
The guy most understands this concept your vision to get the latest lender in which for every dating issues, very understands the efficacy of area financial and it has good humbleness from the your that stand well to have my personal colleagues and for the consumers and our very own teams, Oddleifson told you.