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Exhibit 13
PRODUCTS & SERVICES
Checking & Savings
o Choice Banking(SM) Checking Accounts
o Certificates of Deposit
o Savings and Money Market Accounts
o Individual Retirement Accounts
Convenience Services
o Surcharge-free ATMs through the SUM(SM) Network
o Online Banking
o Telephone Banking
o MasterMoney(TM) & Gold MasterMoney(TM) Debit Cards
o Safe Deposit Boxes
Residential LENDING
o Construction Loans
o Conventional Fixed Rate Loans
o Adjustable Rate Loans
o Home Equity Loans and Lines of Credit
Consumer Lending
o Auto, Boat & RV Loans
o Personal Lines of Credit
o Overdraft Protection
o Installment Loans
Commercial Lending
o Small Business (SBA) Lending
o Term Loans
o Commercial Mortgages
o Construction Loans
o Lines of Credit
o Asset Based Lending
o Land Development
o Dealer Inventory
Cash Management
o Commercial Checking & Savings Accounts
o Sweep Accounts
o Account Reconciliation
o Zero Balance Accounts
o Wire Transfers
o Online Banking
o ACH
o Tax Payments
o Wholesale Lockboxes
Municipal Services
o Municipal Bonds
o Municipal Money Market Accounts
o Bond, Revenue, Tax & State Aid Anticipation Notes
Personal Investment Management
o Personal Portfolio Management
o Income Tax Services
o Personal Trust Services
o Estate Planning & Settlement
o Custodial Services
Employee Benefits Services
o 401(k) Salary Deferral Plans
o Profit Sharing
o IRA Rollover Accounts
o Defined Benefit Plans
COMPANY OFFICES
ROCKLAND TRUST BRANCH LOCATIONS
Attleboro
21 N. Main Street
Braintree
400 Washington Street
Bridgewater
Route 18, Broad Street
Brockton
1670 S. Main Street
100 Belmont Street
485 Belmont Street
34 School Street
836 N. Main Street
Carver
Carver Square, Route 58
Centerville
1195 Falmouth Road
Chatham
655 Main Street
Cohasset
Shaw's Cushing Plaza
Duxbury
27 Bay Road
The Village at Duxbury*
Falmouth
763 Main Street
Halifax
434 Plymouth Street
Hanover
272 Columbia Road
Hanson
470 Liberty Street
Harwichport
336 Route 28
Hingham
Lincoln Plaza, Route 3A
Hull
264 Nantasket Avenue
Hyannis
442 Main Street
375 Iyanough Road
Kingston
184 Summer Street
Manomet
728 State Road
Marshfield
Webster Square
Mashpee
Mashpee Rotary
Middleboro
8B Station Street
135 S. Main Street
North Eastham
75 Brackett Road
North Plymouth
438 Court Street
Norwell
Routes 228 & 53
Orleans
70 Main Street
Osterville
22 Wianno Avenue
Pembroke
147 Center Street
Plymouth
1 Pilgrim Hill Road
32 Long Pond Road
Plymouth-South High School*
Pocasset
301 Barlows Landing Road
Randolph
84 N. Main Street
Rockland
288 Union Street
Market Street
Sandwich
95 Route 6A
Scituate
Front Street
South Yarmouth
1123 Main Street
428 Station Avenue
Stoughton
608 Washington Street
Wareham
Cranberry Plaza
West Dennis
932 Route 28
Weymouth
104 Main Street
Whitman
692 Bedford Street
Whitman/Hanson High School*
*LIMITED SERVICE
COMMERCIAL LENDING CENTERS
Attleboro
8 N. Main Street
Braintree
400 Washington Street
Brockton
100 Belmont Street
Hyannis
442 Main Street
Middleboro
8A Station Street
Plymouth
One Pilgrim Hill Road
Rockland
288 Union Street
INVESTMENT MANAGEMENT SERVICE CENTERS
Attleboro
8 N. Main Street
Hanover
2036 Washington Street
Hyannis
442 Main Street
MORTGAGE BANKING CENTERS
Hyannis
442 Main Street
Middleboro
8A Station Street
Randolph
84 N. Main Street
Looking At Continued Growth
From The ChairMan's Desk
INDEPENDENT BANK CORP. CONTINUED TO THRIVE DURING 2002. Despite a sluggish
national economy and a protracted environment where low, short-term interest
rates prevailed, the Company once again delivered outstanding financial
performance to its shareholders. Net income of $25.1 million increased by
13.7% and diluted earnings per share of $1.61 increased by 5.2% over the
previous year. The notable disparity between the growth rates of net income
(13.7%) and diluted earnings per share (5.2%) is caused by the GAAP
requirement that Trust Preferred issuance costs ($1.5 million after-tax
incurred in 2002) be excluded from net income, but be factored into the
calculation of diluted earnings per share.
Net operating cash earnings of $27.6 million increased by 20.2% and diluted
earnings per share on a cash operating basis of $1.89 increased by 18.9% over
the previous year. This includes adjusting 2001 to remove substantial security
gains, as well as amortization of intangible assets, in order to be truly
comparable with 2002. Since the Trust Preferred issuance costs are also excluded
from both net operating earnings and diluted earnings per share on an operating
basis, the disparity between the year-over-year growth rates of net operating
earnings (20.2%) and diluted earnings per share on a cash operating basis
(18.9%) is much smaller.
The $2.5 million after-tax difference between net income and net operating
earnings in 2002 is primarily due to the impairment charge on WorldCom bonds
formerly held in our investment portfolio. As announced on June 27, 2002, this
impairment charge was incurred immediately after the disclosure of the
accounting fraud that took place at WorldCom.
Shareholders benefited from the Company's strong performance in 2002, as
reflected in a stock price that held its value through one of the most turbulent
years in over half a century, as well as by an increase in the quarterly
dividend. The Company's stock price opened at $21.49 per share on January 1,
2002 and closed at $22.80 per share on December 31, 2002, an increase of 6%. The
Company raised the annualized dividend paid to its shareholders to 48 cents a
share, an increase of 9%.
There Were Many Reasons Why 2002 Proved to be Such a Successful Year for
Independent Bank Corp.
o The balance sheet was well positioned to make the most of the extended
low interest rate environment. Coupled with close attention to asset and
liability pricing throughout the year, the Company posted a strong net
interest margin (4.88%).
o The deposit base grew steadily throughout the year, with total deposits
increasing by $107.1 million (+6.8%) to a total of $1.7 billion at
December 31, 2002. Excluding our deliberate endeavor to reduce expensive
time certificates of deposit (a year-end decrease of $65.9 million), core
deposits grew by 16.6% (the second year in a row that core deposits
increased by greater than 16%).
o The loan portfolio also continued to grow in 2002 despite stagnant
economic conditions. Loans outstanding increased by $132.7 million
(+10.2%) to a total of $1.4 billion at year-end. Furthermore, loan growth
was achieved without sacrificing credit quality. Non-performing assets at
year-end 2002 were $3.1 million, a $600 thousand
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decrease from September 30th and only $100 thousand over the level on
December 31, 2001.
The Company also took steps during 2002 to prepare for the coming years. In
addition to taking advantage of the current low interest rate environment by
extending the term of our borrowings from the Federal Home Loan Bank, the
year-end balance of $297.6 million of such borrowings was lower by $16.3 million
(-5.2%), as compared to December 31, 2001.
Total assets reached $2.3 billion at December 31, 2002, an increase of $86.2
million (+3.9%) over year-end 2001.
The company posted a strong net interest margin of 4.88%. Core deposits grew by
16.6% and Federal Home Loan Bank borrowings were lowered by 5.2%.
2002: The Year Of Rock Bottom Interest Rates
While many significant events took place during 2002, virtually any description
of the year in monetary terms will be dominated by the impact of the low
short-term interest rate environment. The year began with the lowest short-term
interest rates in 40 years, following the Fed's eleven cuts to the Federal Funds
rate during 2001. Those who projected short-term rates to rise during 2002 were
mistaken because the Federal Reserve Open Market Committee maintained short-term
interest rates throughout the year until cutting them by 50 basis points, once
again, on November 5, 2002. As a result, short-term rates are now at the lowest
level since 1948, 55 years ago!
This historically low interest rate environment had a huge impact on the banking
industry. Deposit rates tumbled, both commercial borrowers and consumers sought
to lower the interest rates paid on their obligations (forcing asset pricing
downward), and overall growth in loan portfolios became even more challenging as
some borrowers chose to pay off existing loans.
While the challenges caused by the low, short-term interest rate environment
became the center of attention throughout the year, the Company took advantage
of the relatively lower long-term interest rate segment of the market to
refinance a prior issue of its Trust Preferred Securities. The security
originally issued in May 1997 at 9.28% was called in May 2002 after issuing a
security in April 2002 at 8.375%. This Trust Preferred Security transaction,
coupled with a similar refinancing transaction that occurred late in the fourth
quarter of 2001, will reduce the Company's future pre-tax interest expense by
approximately $1.2 million per year due to a combination of a lower interest
rate and a smaller issue amount.
The Company, like the rest of the financial services industry, will be unlikely
to maintain its net interest margin (4.83% during the fourth quarter), whether
short-term interest rates continue at historic lows or begin to rise. The
Company has emphasized adjustable rate loan production, short-term investments,
and longer-term funding during 2002 in order to minimize the eventual impact of
rising rates. Management will continue to closely manage the pricing of its
assets and liabilities in 2003. In order to mitigate the probability of a
shrinking net interest margin, the Company intends to implement several
efficiency, cost saving, and revenue enhancing initiatives in 2003. These
initiatives have already been identified with the assistance of a consulting
firm that was engaged for this purpose
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early in 2002. Furthermore, management intends to intensify the emphasis on the
activities of our Investment Management Group.
2002: A Year Of Finding Investment Management Opportunities
DURING DIFFICULT TIMES
The stock market took a wild ride during 2002, with investors of all types
having been traumatized and having had their confidence tested to extraordinary
limits. Amidst all this turmoil, the Investment Management Group of Rockland
Trust, a dedicated team of 30 experienced investment professionals, made steady
progress during 2002. New investment assets added to our total book of business
registered $90 million, the highest level in the last four years. Our success in
developing this incremental growth is attributable to the relatively good
performance turned in by our capable team of investment managers in a down
market. Whether measured over the past three or five year periods, the
investment performance enjoyed by our clients has exceeded that recorded by the
Standard & Poor's 500 benchmark in either timeframe. Our emphasis on long-term
investment strategy, customized to the specific needs of each individual client,
has brought favorable results for them. Moreover, in view of the market
volatility experienced in recent years, we believe that the public is
increasingly accepting our prudent approach to investment management. Given the
favorable demographic of our market in Southeastern Massachusetts and Cape Cod,
coupled with Rockland Trust's sustained track record of favorable investment
performance compared to most competitors, the future for this line of business
looks very bright.
OUR EMPHASIS IS ON LONG-TERM INVESTMENT STRATEGY CUSTOMIZED TO THE NEEDS OF THE
CLIENTS.
2002: Giving Back To The Communities We Serve
Rockland Trust has made a profound difference in the many communities that it
serves. Rockland Trust employees have demonstrated many times over, in large and
small ways, the generosity and spirit that are integral parts of our culture.
For example,
o In April 2002, several Rockland Trust employees participated in the
National Multiple Sclerosis Walk through Cohasset Village, raising
$1,820;
o Also in April, more than twenty Rockland Trust employees participated in
Community Care Day on Cape Cod, laboring to make improvements on a
Harwich residence that serves the disabled;
o In May and June 2002, over twenty Rockland Trust employees participated
in separate fundraising walks in Hanover and on Cape Cod to benefit the
American Cancer Society, raising $6,000; and
o Over the Columbus Day weekend, fifteen Rockland Trust employees
participated in "The Last Gasp," a 62-mile bicycle trek from Sandwich to
Provincetown on Cape Cod. They raised over $8,200 to benefit a variety of
Cape Cod charities.
The Old Colony United Way bestowed the Circle of Caring Award on Rockland Trust
in June 2002, honoring the Bank for its leadership during the 2001 campaign.
Employee contributions amounting to over $100,000 were received (including
$22,858 for the American Red Cross 9/11 Relief Fund). This past fall, the
employees of Rockland Trust greatly exceeded that generous performance,
contributing over $100,000 solely for the benefit of United Way organizations
within our market area.
2002: The Year Of The Residential Mortgage Tidal Wave
IS THERE ANYBODY OUT THERE WHO DID NOT REFINANCE THEIR HOME MORTGAGE IN 2002?
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During 2002, the Company increased the size of its residential mortgage
portfolio by $55.1 million (to $291.7 million), a 23.3% increase from the
beginning of the year. But the size of this increase in the Company's
residential mortgage portfolio does not convey the whole story. As residential
mortgage rates dropped, dropped, and dropped again, a boom in residential
mortgage refinancing swept across the country with many borrowers refinancing
their homes several times. This refinancing boom caused the volume of home
mortgage applications and closings to spike upward to record levels.
The Rockland Trust Residential Mortgage Division processed and closed a total of
$332 million in residential mortgages during 2002, with $49 million in closings
during the month of November alone -- followed by $43 million in December,
usually a slow month! This level of activity placed an excessive strain on my
colleagues in our Residential Mortgage Division, but each of them rose to the
challenge. I congratulate our employees in the Residential Mortgage Division
because they typify the devotion to timely, personalized customer service that
sets Rockland Trust apart from its competition.
THE RESIDENTIAL MORTGAGE DIVISION CLOSED $332 MILLION IN RESIDENTIAL MORTGAGES
DURING 2002.
WE ADOPTED SEVERAL PRACTICES MANY YEARS AGO THAT WERE DESIGNED TO INSURE HIGH
STANDARDS OF CORPORATE GOVERNANCE.
2002: A Significant Accounting Change Benefits The Bottom Line
A new accounting standard issued in 2002 (entitled SFAS No. 147, Acquisitions of
Certain Financial Institutions) has benefited the Company through eliminating
the amortization of goodwill associated with the acquisition of branches. This
new accounting standard levels the playing field for acquirers in the financial
services industry.
As permitted by the Financial and Accounting Standards Board ("FASB"), the
Company adopted the new statement as of September 30, 2002 and, accordingly,
ceased amortization of goodwill on a retroactive basis beginning on January 1,
2002. The restated goodwill balance became $36.2 million and amortization
expense of $1.3 million after tax was added back to net income through September
30, 2002. The full year, favorable impact on net income was $1.8 million ($0.12
per diluted share).
2002: A Year Of Corporate Governance Reforms
High-profile scandalous behavior and alleged accounting fraud at several
publicly traded companies repeatedly made the headlines during 2002. As a
result, the New York and NASDAQ stock exchanges submitted a variety of changes
designed to bolster investor confidence for approval by the Securities Exchange
Commission. On July 30, 2002, Congress responded to the situation by enacting
The Sarbanes-Oxley Act that contained a number of far-reaching corporate
governance reforms.
The Boards of Directors of the Company and Rockland Trust Company adopted
several practices many years ago that were designed to insure high standards of
corporate governance.
Subsequent to the merger of Middleboro Trust Company into Rockland Trust Company
in June 1992, virtually all of the every day business of the Company has been
conducted through its sole banking subsidiary. This includes the 16 branches,
deposits, and loans formerly owned by Fleet and acquired by the Company in
August 2000.
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The most important activity conducted within the holding company structure,
rather than by the Bank during the 1990s, was capital management. Initially, the
issuance of common equity in December 1992 provided the Company with the
capacity to grow. Subsequently, in the latter half of the 1990s another form of
capital, Trust Preferred Securities, was issued by subsidiaries of the Company.
The Board of Directors of Rockland Trust Company decided in early 1992 that its
Executive Committee would assume all Committee functions of the Board, except
for Audit. Specifically, when functioning as the Compensation Committee and
Nominating Committee, the membership of the Executive Committee has excluded me
as Chairman, President, and CEO. In order to ensure that all directors of
Rockland Trust Company participate in the important functions performed by the
Executive Committee, it was decided that its membership be comprised of
permanent as well as rotating members. The objective was to ensure that every
director of Rockland Trust Company have the opportunity to serve for at least a
three-month period (two meetings per month) as a member of the Executive
Committee in each calendar year. In order to assure continuity, one director
rotates off and one joins the Committee every month. The Company also adopted
the foregoing structure in May 2000 with the intention that the membership of
the Executive Committee of Rockland Trust Company and Independent Bank Corp. be
identical.
The Boards of Directors of both companies have, since 1992, met at least twice a
year without me and other members of Senior Management. These sessions have been
conducted by the Chairman of the Executive Committee of Rockland Trust Company
(who also is a long-time Board member of Independent Bank Corp. and has been
Chairman of its Executive Committee as well since May 2000).
The Audit Committees of both companies, which typically hold joint meetings four
times per year, have overseen the audit function. The Audit Committee of the
Company has been composed of three directors (currently including a Chairman who
once worked for a major national public accounting firm) and is focused on
matters from the perspective of the Securities and Exchange Commission and the
Federal Reserve System. The Audit Committee of Rockland Trust Company has been
composed of three other directors and is focused on matters from the perspective
of our Bank regulators (both the FDIC and the Commonwealth of Massachusetts) and
supervises our outsourced loan review function. It is noteworthy that the Joint
Audit Committees embarked on a process to solicit proposals for audit services
from all five major national accounting firms that existed in late 2001, before
our auditor at that time (Arthur Andersen) achieved notoriety as a result of the
Enron affair. As you are already aware, the two Committees selected KPMG in May
2002.
The Stock Option Plan Committee is currently composed of three directors of the
Company (excluding me) who are also permanent members of the Rockland Trust
Company Executive (Compensation) Committee. This structure ensures that stock
options are awarded in coordination with all the other elements of a competitive
compensation program (i.e., salary, incentive, and benefits).
The proper method of accounting for stock options has received a lot of
attention in the press over the past year. Expensing stock options by the
Company is hardly an earth-shattering event; the impact is estimated (using the
so-called Black-Scholes evaluation
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method) to be approximately 2% of net earnings, assuming this had been done in
2002. However, we are reluctant to expense stock options without additional
guidance from the FASB.
The Company is devoted to continuing these measures and improving its
corporate governance practices when and as appropriate.
2003: New Facilities Lay The Foundation For Continued Success
Current facilities plans for 2003 include construction of a new branch office on
Cape Cod and extensive renovation of two of the older branch offices in the
Rockland Trust network.
Zoning and regulatory approvals were received for the construction of a new
branch office on Route 28 in Mashpee (Cape Cod) to replace the existing facility
located in Mashpee Commons. Construction has begun and a late spring opening is
anticipated.
Our branch offices in Middleboro and Weymouth are overdue for a facelift and
will also soon be renovated.
WE ARE WELL POSITIONED TO MEET FUTURE CHALLENGES AND OPPORTUNITIES.
2003: A Time For Transition
Beyond a doubt, our most recent major accomplishment was hiring my successor as
CEO of both Independent Bank Corp. and Rockland Trust Company. As you know, I
publicly announced last fall that I intend to retire on June 30, 2003. About two
years ago, I asked the Boards of Directors of both companies to form a Search
and Transition Committee to conduct a national search -- including internal and
external candidates -- to identify my successor.
On January 9th, the Boards of Directors elected Christopher Oddleifson as
President and Director of both companies. Chris will assume the title of CEO on
February 24th, while I will remain as Chairman of both Boards until my
retirement in June.
I am very excited to welcome Chris to our organization. He most recently held
the position of President of First Union Home Equity Bank, a national bank
subsidiary of First Union (now Wachovia), in Charlotte, North Carolina. During
his tenure, he led the bank into new business channels generating significant
opportunities for growth. Prior to First Union, Chris was Executive Vice
President for Consumer Financial Services at Signet Bank where he was
responsible for the Consumer Bank. This unit was comprised of the branch
banking, consumer, private banking, trust, mortgage banking, investment broker
dealer and marketing divisions.
Prior to joining Signet Bank, Chris was a management consultant with Booz Allen
Hamilton where he worked with his clients to develop business strategies and
ways to improve business performance. He holds a Bachelor of Science degree in
Mechanical Engineering from Cornell University and a Masters of Business
Administration degree from the Wharton School, University of Pennsylvania.
Chris is a proven leader and team builder who plans to work with the strong team
we already have in place. His experience with consumer, small business, mortgage
banking, and trust matches several of the areas that we have targeted for
growth. Chris is looking forward to the opportunity to find innovative ways to
expand our already strong commercial and consumer banking franchise.
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This is the next step in what I expect will be a very exciting future for your
Company. I am fortunate to have been associated with an outstanding group of
people for over eleven years.
TO OUR DIRECTORS...I feel privileged to have served with you as a Director. Your
considerable experience, wisdom, and support are greatly appreciated.
TO MY COLLEAGUES...Thank you for your assistance and enthusiastic dedication to
our customers.
TO OUR CUSTOMERS...Thank you for your loyalty. I assure you that we will
continue to focus on your financial needs.
Independent Bank Corp. is well positioned to meet the challenges and
opportunities that will arise in the future.
[Signature]
Douglas H. Philipsen
Chairman of the Board
STOCKHOLDER INFORMATION
ANNUAL MEETING
The Annual Meeting of Stockholders will be held at 3:30 PM on Thursday, April
10, 2003 at the Plimoth Plantation, Plymouth, Massachusetts.
COMMON STOCK
Independent Bank Corp. Common Stock trades on the Nasdaq Stock Market under the
symbol INDB.
STOCKHOLDER RELATIONS
Inquiries should be directed to:
Denis K. Sheahan, Chief Financial Officer
and Treasurer, or Michelle Newcomb,
Shareholder Relations
Independent Bank Corp.
288 Union Street
Rockland, MA 02370
(781) 878-6100
FORM 10-K
Additional information about the Company may be obtained from the Annual Report
on Form 10-K filed with the Securities and Exchange Commission for fiscal 2002.
A copy of the Company's Form 10-K for 2002, without its attached exhibits, has
been provided herein. A complete copy of the Company's Form 10-K for 2002, with
its attached exhibits, may be obtained without charge upon written request
submitted to:
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Michelle Newcomb, Shareholder Relations
Independent Bank Corp.
288 Union Street
Rockland, MA 02370
TRANSFER AGENT AND REGISTRAR
Transfer Agent and Registrar for the Company is:
EquiServe Trust Company, N.A.
P. O. Box 43011
Providence, RI 02940-3011
1-800-426-5523
DIRECTORS OF INDEPENDENT BANK CORP. AND ROCKLAND TRUST COMPANY
RICHARD S. ANDERSON
PRESIDENT AND TREASURER
Anderson-Cushing Insurance Agency, Inc.
W. PAUL CLARK
PRESIDENT AND GENERAL MANAGER
Paul Clark, Inc.
ROBERT L. CUSHING*
PRESIDENT
Hannah B.G. Shaw Home for the Aged, Inc.
ALFRED L. DONOVAN
Independent Consultant
BENJAMIN A. GILMORE, II
OWNER AND PRESIDENT
Gilmore Cranberry Co., Inc.
E. WINTHROP HALL
CHAIRMAN AND PRESIDENT
F. L. & J. C. Codman Company
KEVIN J. JONES
TREASURER
Plumbers' Supply Company
CHRISTOPHER ODDLEIFSON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
Rockland Trust Company
DOUGLAS H. PHILIPSEN
CHAIRMAN OF THE BOARD
Rockland Trust Company
RICHARD H. SGARZI
PRESIDENT AND TREASURER
Black Cat Cranberry Corp.
WILLIAM J. SPENCE*
PRESIDENT
Massachusetts Bay Lines, Inc.
JOHN H. SPURR, JR.
EXECUTIVE VICE PRESIDENT AND TREASURER
A. W. Perry, Inc.
ROBERT D. SULLIVAN
PRESIDENT
Sullivan Tire Company, Inc.
BRIAN S. TEDESCHI
CHAIRMAN
Tedeschi Realty Corp.
THOMAS J. TEUTEN
PRESIDENT
A. W. Perry, Inc.
HONORARY DIRECTORS OF ROCKLAND TRUST COMPANY
JOHN B. ARNOLD
RETIRED, FORMER PRESIDENT AND TREASURER
H.H. Arnold Co., Inc.
DONALD K. ATKINS
RETIRED, FORMER PRESIDENT AND CHIEF EXECUTIVE OFFICER
Winthrop-Atkins Co., Inc.
THERESA J. BAILEY
FORMER SENIOR VICE PRESIDENT AND CLERK
Rockland Trust Company
ROBERT L. CUSHING
PRESIDENT
Hannah B.G. Shaw Home for the Aged, Inc.
ANN M. FITZGIBBONS
VOLUNTEER
DONALD A. GREENLAW
RETIRED, FORMER PRESIDENT
Rockland Trust Company
LAWRENCE M. LEVINSON
PARTNER
Burns and Levinson LLP
NATHAN SHULMAN
RETIRED, FORMER PRESIDENT
Best Chevrolet, Inc.
JOHN F. SPENCE, JR.
RETIRED, FORMER CHAIRMAN OF THE BOARD
Rockland Trust Company
ROBERT J. SPENCE
PRESIDENT
Albert Culver Company
WILLIAM J. SPENCE
PRESIDENT
Massachusetts Bay Lines, Inc.
OFFICERS OF INDEPENDENT BANK CORP.
DOUGLAS H. PHILIPSEN
CHAIRMAN OF THE BOARD
CHRISTOPHER ODDLEIFSON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
DENIS K. SHEAHAN
CHIEF FINANCIAL OFFICER AND TREASURER
LINDA M. CAMPION
CLERK
EDWARD H. SEKSAY
GENERAL COUNSEL
TARA M. VILLANOVA
ASSISTANT CLERK
EDWARD F. JANKOWSKI
CHIEF INTERNAL AUDITOR
OFFICERS OF ROCKLAND TRUST COMPANY
DOUGLAS H. PHILIPSEN
CHAIRMAN OF THE BOARD
CHRISTOPHER ODDLEIFSON
PRESIDENT AND CHIEF EXECUTIVE OFFICER
DENIS K. SHEAHAN
CHIEF FINANCIAL OFFICER AND TREASURER
RICHARD F. DRISCOLL
EXECUTIVE VICE PRESIDENT
Retail and Operations
FERDINAND T. KELLEY
EXECUTIVE VICE PRESIDENT
Commercial Lending and Investment Management
EDWARD H. SEKSAY
GENERAL COUNSEL
RAYMOND G. FUERSCHBACH
SENIOR VICE PRESIDENT
Human Resources
EDWARD F. JANKOWSKI
CHIEF INTERNAL AUDITOR
LINDA M. CAMPION
CLERK
TARA M. VILLANOVA
ASSISTANT CLERK