Leaving the bank Once twenty years, President Christopher Oddleifson Looks Straight back
Rockland Trust Chief executive officer Christopher Oddleifson piloted the lending company due to 11 acquisitions that turned into the college to the a beneficial survivor away from lender integration, unlike a fact.
Whenever Christopher Oddleifson got more than given that Rockland Trust Co.is the reason Ceo in the 2003, Massachusetts had more doubly of a lot banks headquartered about condition than it can now.
Once the over 100 mergers into the 20 years shrank the new state’s banking community, Rockland Believe carry out end up being a key figure into the financial consolidation, a technique you to definitely Oddleifson told you possess saved the lending company.
While i appeared from windshield to come into the 2003, I told you, M&A must become opportunistic,’ Oddleifson said. Since We try the rearview echo twenty years after, I can point out that if we didn’t create level which have men and women acquisitions, i probably would were one of many financial statistics because really.
How Two Purchases Place Rockland Faith Up for achievement
Lender purchases assisted Rockland Trust grow of a great $dos.step 3 billion-house lender when Oddleifson arrived in to using nearly $20 million within the possessions now. Oddleifson moved off out-of their character because the President of your own bank and its mother or father team, Separate Lender Corp., into Feb. 6 and can retire in the financial once existence in advisory role from the end of the year.
Once beginning his occupation regarding middle-mid-eighties within a contacting agency coping with several industries, including banking, Oddleifson wanted to reduce travel before the delivery of 1st youngster. The guy checked out possibilities in some marketplace before taking a beneficial business during the Signet Bank when you look at the Virginia. When Signet is actually received because of the Earliest Relationship Financial, Oddleifson relocated to North carolina and you will invested 5 years once the chairman of 1 of your own bank’s divisions, First Commitment House Guarantee Bank.
In the event the 2nd merger noticed First Union and you will Wachovia combine, Oddleifson gotten an excellent severance bundle and you will made a decision to take some time from prior to seeking his second employment. The guy and his awesome wife had desired to proceed to The new The united kingdomt, deciding to make the late-2002 business provide Oddleifson gotten as Rockland Trust’s Ceo a beneficial greeting innovation.
I did not features a commercial history such as for instance a classic banker, Oddleifson told you. But what brand new board I think noticed for the me personally was We managed to need a teams and promote these to the fresh new second performance top, that we thought we complete at Rockland Believe along the history two decades.
Rockland Believe was not in a position to acquire almost every other finance companies at the installment loans online no credit check Missouri outset of their period, Oddleifson told you. The bank instead concerned about all-natural development which have a watch toward capitalizing on M&An effective ventures whenever they emerged.
One to very first chance came in 2004, it almost failed to occurs. Rockland Faith had shed on a bid to obtain Falmouth Collaborative Bank however, got the next opportunity in the event the ideal bidder bowed away.
The same condition taken place in the 2008 when Rockland Trust initially lost on getting Somerset-depending Slades Ferry Faith Co., in order to score an alternate opportunity when the successful lender decrease aside. Which merger, and this Oddleifson known as bank’s very successful, helped changes Rockland Trust’s purchase means.
That have these acquisitions, i developed the skills, the experience while the reputation for saying what the audience is supposed to do and you can performing exactly what we’ll state, Oddleifson said. Throughout eleven purchases, we’ve end up being among well-known consumers in the area.
As the mergers turned Rockland Trust out-of good ninefold development in property so you can a boosting inventory rate however they aided shrink the newest country’s banking industry. It is down regarding more than two hundred finance companies headquartered on the state when you look at the 2003 in order to about 100 today.
Oddleifson detailed that in case the guy accomplished his name once the Massachusetts Bankers Association panel couch this year, this new trading class got more than 2 hundred people, along with banks headquartered in other says one to work in Massachusetts. The brand new organization presently has throughout the 120 participants.
But with no Yards&A technique you to definitely offered the financial institution the size it needed to vie, Oddleifson told you, Rockland Trust have got gotten itself. He needs the bank consolidation who may have lasted for more than 30 years to carry on going forward, each other regionally and you can nationwide.
Together with improving the lender has been the latest deliberate address it provides pulled into the growth, Oddleifson said, and until the Higher Market meltdown when other U.S. financial institutions were increasing its areas and you will items. For the economic crisis, the guy said, Rockland Trust had the funding and you will firepower to carry on significantly more users than the other financial institutions.
Having Oddleifson, Rockland Believe to-be a more impressive financial has not altered its approach that have people. The bank have an unrelenting attention to your relationship, Oddleifson said, that is instilled on community and you can exceeds a standard tagline.
Focus the purchases into the East Massachusetts region has gained Rockland Trust, Oddleifson told you. He detailed that mergers all happened contained in this or surrounding so you’re able to Rockland Trust’s present business, and so the lender ran towards these types of purchases currently knowing the markets, popular customers and lots of teams. The newest focused industry along with gave Oddleifson an opportunity to see the twigs and you will financing locations, today totaling over 120, annually.
Oddleifson needs Rockland Trust’s strategy to keep under the this new frontrunner, Jeffrey Tengel, the former president away from Connecticut-built Mans Joined Bank prior to their buy of the Yards&T Lender.
The guy most understands this concept of your eyes to get the newest bank in which per relationships issues, really understands the effectiveness of society banking and has now a good humbleness from the your one sit better to own my personal associates as well as for our very own users and you can our very own teams, Oddleifson told you.