INDB » Topics » General

These excerpts taken from the INDB 10-K filed Mar 10, 2009.
General
 
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank. The community banking business, the Company’s only reportable operating segment, consists of commercial banking, retail banking, wealth management services, retail investments and insurance sales and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, wealth management, retail investments and insurance services, and mortgage banking income. At December 31, 2008, the Company had total assets of $3.6 billion, total deposits of $2.6 billion, stockholders’ equity of $305.3 million, and 827 full-time equivalent employees.
 
On March 1, 2008, the Company successfully completed its acquisition of Slade’s Ferry Bancorp. (“Slades”), parent of Slades Bank. In accordance with Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangible Assets” the acquisition was accounted for under the purchase method of accounting and, as such, will be included in the results of operations from the date of acquisition. The Company issued 2,492,854 shares of common stock in connection with the acquisition. The value of the common stock, $30.59 was determined based on the average closing price of the Company’s shares over a five day period including the two days preceding the announcement date of the acquisition, the announcement date of the acquisition and the two days subsequent to the announcement date of the acquisition. The Company also paid cash of $25.9 million, for total consideration of $102 million.
 
On November 9, 2008, the Company announced its intention to acquire Benjamin Franklin Bancorp, Inc., a bank with $1.0 billion in assets, located in the western suburbs of Boston. The acquisition is expected to close in the second quarter of 2009.
 
General
 
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank. The community banking business, the Company’s only reportable operating segment, consists of commercial banking, retail banking, wealth management services, retail investments and insurance sales and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, wealth management, retail investments and insurance services, and mortgage banking income. At December 31, 2008, the Company had total assets of $3.6 billion, total deposits of $2.6 billion, stockholders’ equity of $305.3 million, and 827 full-time equivalent employees.
 
On March 1, 2008, the Company successfully completed its acquisition of Slade’s Ferry Bancorp. (“Slades”), parent of Slades Bank. In accordance with Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangible Assets” the acquisition was accounted for under the purchase method of accounting and, as such, will be included in the results of operations from the date of acquisition. The Company issued 2,492,854 shares of common stock in connection with the acquisition. The value of the common stock, $30.59 was determined based on the average closing price of the Company’s shares over a five day period including the two days preceding the announcement date of the acquisition, the announcement date of the acquisition and the two days subsequent to the announcement date of the acquisition. The Company also paid cash of $25.9 million, for total consideration of $102 million.
 
On November 9, 2008, the Company announced its intention to acquire Benjamin Franklin Bancorp, Inc., a bank with $1.0 billion in assets, located in the western suburbs of Boston. The acquisition is expected to close in the second quarter of 2009.
 
General


 



Independent Bank Corp. (the “Company”) is a state
chartered, federally registered bank holding company
headquartered in Rockland, Massachusetts that was incorporated
under Massachusetts law in 1985. The Company is the sole
stockholder of Rockland Trust Company (“Rockland”
or the “Bank”), a Massachusetts trust company
chartered in 1907. Rockland is a community-oriented commercial
bank. The community banking business, the Company’s only
reportable operating segment, consists of commercial banking,
retail banking, wealth management services, retail investments
and insurance sales and is managed as a single strategic unit.
The community banking business derives its revenues from a wide
range of banking services, including lending activities,
acceptance of demand, savings, and time deposits, wealth
management, retail investments and insurance services, and
mortgage banking income. At December 31, 2008, the Company
had total assets of $3.6 billion, total deposits of
$2.6 billion, stockholders’ equity of
$305.3 million, and 827 full-time equivalent employees.


 



On March 1, 2008, the Company successfully completed its
acquisition of Slade’s Ferry Bancorp. (“Slades”),
parent of Slades Bank. In accordance with Statement of Financial
Accounting Standard No. 142, “Goodwill and Other
Intangible Assets” the acquisition was accounted for under
the purchase method of accounting and, as such, will be included
in the results of operations from the date of acquisition. The
Company issued 2,492,854 shares of common stock in
connection with the acquisition. The value of the common stock,
$30.59 was determined based on the average closing price of the
Company’s shares over a five day period including the two
days preceding the announcement date of the acquisition, the
announcement date of the acquisition and the two days subsequent
to the announcement date of the acquisition. The Company also
paid cash of $25.9 million, for total consideration of
$102 million.


 



On November 9, 2008, the Company announced its intention to
acquire Benjamin Franklin Bancorp, Inc., a bank with
$1.0 billion in assets, located in the western suburbs of
Boston. The acquisition is expected to close in the second
quarter of 2009.


 




General


 



Independent Bank Corp. (the “Company”) is a state
chartered, federally registered bank holding company
headquartered in Rockland, Massachusetts that was incorporated
under Massachusetts law in 1985. The Company is the sole
stockholder of Rockland Trust Company (“Rockland”
or the “Bank”), a Massachusetts trust company
chartered in 1907. Rockland is a community-oriented commercial
bank. The community banking business, the Company’s only
reportable operating segment, consists of commercial banking,
retail banking, wealth management services, retail investments
and insurance sales and is managed as a single strategic unit.
The community banking business derives its revenues from a wide
range of banking services, including lending activities,
acceptance of demand, savings, and time deposits, wealth
management, retail investments and insurance services, and
mortgage banking income. At December 31, 2008, the Company
had total assets of $3.6 billion, total deposits of
$2.6 billion, stockholders’ equity of
$305.3 million, and 827 full-time equivalent employees.


 



On March 1, 2008, the Company successfully completed its
acquisition of Slade’s Ferry Bancorp. (“Slades”),
parent of Slades Bank. In accordance with Statement of Financial
Accounting Standard No. 142, “Goodwill and Other
Intangible Assets” the acquisition was accounted for under
the purchase method of accounting and, as such, will be included
in the results of operations from the date of acquisition. The
Company issued 2,492,854 shares of common stock in
connection with the acquisition. The value of the common stock,
$30.59 was determined based on the average closing price of the
Company’s shares over a five day period including the two
days preceding the announcement date of the acquisition, the
announcement date of the acquisition and the two days subsequent
to the announcement date of the acquisition. The Company also
paid cash of $25.9 million, for total consideration of
$102 million.


 



On November 9, 2008, the Company announced its intention to
acquire Benjamin Franklin Bancorp, Inc., a bank with
$1.0 billion in assets, located in the western suburbs of
Boston. The acquisition is expected to close in the second
quarter of 2009.


 




General
 
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank. The community banking business, the Company’s only reportable operating segment, consists of commercial banking, retail banking, wealth management services, retail investments and insurance sales and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, wealth management, retail investments and insurance services, and mortgage banking income. At December 31, 2007, the Company had total assets of $2.8 billion, total deposits of $2.0 billion, stockholders’ equity of $220.5 million, and 742 full-time equivalent employees.
 
On March 1, 2008, the Company successfully completed its acquisition of Slade’s Ferry Bancorp., parent of Slades Bank. In accordance with Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangible Assets” the acquisition was accounted for under the purchase method of accounting and, as such, will be included in the results of operations from the date of acquisition. The Company issued 2,492,854 shares of common stock in connection with the acquisition. The value of the common stock, $30.586, was determined based on the average closing price of the Company’s shares over a five day period including the two days preceding the announcement date of the acquisition, the announcement date of the acquisition and the two days subsequent the announcement date of the acquisition. The Company also paid cash of $25.9 million, for total consideration of $102.2 million.
 
General


 



Independent Bank Corp. (the “Company”) is a state
chartered, federally registered bank holding company
headquartered in Rockland, Massachusetts that was incorporated
under Massachusetts law in 1985. The Company is the sole
stockholder of Rockland Trust Company (“Rockland”
or the “Bank”), a Massachusetts trust company
chartered in 1907. Rockland is a community-oriented commercial
bank. The community banking business, the Company’s only
reportable operating segment, consists of commercial banking,
retail banking, wealth management services, retail investments
and insurance sales and is managed as a single strategic unit.
The community banking business derives its revenues from a wide
range of banking services, including lending activities,
acceptance of demand, savings, and time deposits, wealth
management, retail investments and insurance services, and
mortgage banking income. At December 31, 2007, the Company
had total assets of $2.8 billion, total deposits of
$2.0 billion, stockholders’ equity of
$220.5 million, and 742 full-time equivalent employees.


 



On March 1, 2008, the Company successfully completed its
acquisition of Slade’s Ferry Bancorp., parent of Slades
Bank. In accordance with Statement of Financial Accounting
Standard No. 142, “Goodwill and Other Intangible
Assets” the acquisition was accounted for under the
purchase method of accounting and, as such, will be included in
the results of operations from the date of acquisition. The
Company issued 2,492,854 shares of common stock in
connection with the acquisition. The value of the common stock,
$30.586, was determined based on the average closing price of
the Company’s shares over a five day period including the
two days preceding the announcement date of the acquisition, the
announcement date of the acquisition and the two days subsequent
the announcement date of the acquisition. The Company also paid
cash of $25.9 million, for total consideration of
$102.2 million.


 




General
 
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. Rockland is a community-oriented commercial bank. The community banking business, the Company’s only reportable operating segment, consists of commercial banking, retail banking, investment management services, retail investments and insurance sales and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, investment management and trust services, retail investments and insurance services, and mortgage banking income. Rockland offers a full range of community banking services through its network of 52 banking offices (including 50 full-service branches), nine commercial banking centers, three investment management group offices, and four residential lending centers, which are located in the Plymouth, Norfolk, Barnstable and Bristol counties of southeastern Massachusetts and Cape Cod. At December 31, 2006, the Company had total assets of $2.8 billion, total deposits of $2.1 billion, stockholders’ equity of $229.8 million, and 708 full-time equivalent employees.
 
General
 
Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company headquartered in Rockland, Massachusetts that was incorporated under Massachusetts law in 1986. The Company is the sole stockholder of Rockland Trust Company (“Rockland” or the “Bank”), a Massachusetts trust company chartered in 1907. The Company is a community-oriented commercial bank. The community banking business, the Company’s only reportable operating segment, consists of commercial banking, retail banking, investment management services, retail investments and insurance sales and is managed as a single strategic unit. The community banking business derives its revenues from a wide range of banking services, including lending activities, acceptance of demand, savings, and time deposits, trust investment management services, retail investments and insurance services, and mortgage banking income. Rockland offers a full range of community banking services through its network of 52 banking offices (including 50 full-service branches), nine commercial banking centers, three investment management group offices, and four residential lending centers, which are located in the Plymouth, Norfolk, Barnstable and Bristol counties of southeastern Massachusetts and Cape Cod. At December 31, 2005, the Company had total assets of $3.0 billion, total deposits of $2.2 billion, stockholders’ equity of $228.2 million, and 722 full-time equivalent employees.
 
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