Independent Bank Corp (INDB) company profile
Close on Nov 13, 2026Market cap $4.00BP/E 12.5Yield 2.79%
About Independent Bank
State Commercial Banks, SIC 6022
Independent Bank Corp. is a bank holding company that operates primarily through its sole operating segment, Rockland Trust Company. The institution provides commercial and consumer banking, investment management, and financial services. Its offerings encompass demand deposits, checking, savings, money market accounts, and certificates of deposit, alongside commercial real estate lending, industrial financing, small business loans, residential mortgages, and home equity lines. It also delivers mobile, online, and telephone banking solutions. The organization serves individual consumers, small to upper-middle-market businesses, and municipalities.
Headquartered in Rockland, Massachusetts, the company focuses its operations in Eastern Massachusetts, Worcester County, southern New Hampshire, and Rhode Island. Its physical network comprises 151 retail branches, multiple commercial and residential lending centers, and investment management offices, supplemented by 57 remote automated teller machines. The institution employs 2,294 people.
Summary of the business section of Independent Bank's latest annual report, written by StockData.
Company profile
Company
- Legal name
- Independent Bank Corp
- Founded
- 1907
- Headquarters
- Rockland, MA
- Address
- 1 Technology Place
- Phone
- (781) 878-6100
- Website
- rocklandtrust.com
- Employees
- 2,294, Dec 31, 2025
- Industry
- State Commercial Banks
- Incorporated in
- Massachusetts
- Fiscal year ends
- December 31
- Auditor
- Ernst & Young LLP, Boston, Massachusetts
Stock & identifiers
- Ticker
- INDB
- Exchange
- Nasdaq
- IPO date
- May 14, 1986
- Shares outstanding
- 47M, Aug 4, 2026
- Public float
- $2.66B, Jun 30, 2025
- Filer category
- Large accelerated filer
- Stock splits
- 3-for-2, Oct 1, 1987
- SEC CIK
- 776901
- CUSIP
- 453836108
- ISIN
- US4538361084
- FIGI
- BBG000BM0597
- Share class FIGI
- BBG001S5S8F1
- LEI
- 549300C5K3W8THR3GE10
- EIN
- 04-2870273
Executives and directors
Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years
| Name | Position | Shares owned |
|---|---|---|
| Jeffrey J. Tengel | Chief Executive Officer, Director | 47,776 |
| Mark J. Ruggiero | CFO & EVP Consumer Lending | 27,465 |
| Kathryn O'Malley | Chief Credit Officer | 12,077 |
| James T. Rizzo | Chief Commercial Banking Off. | 14,973 |
| Maria S. Harris | Chief Human Resources Officer | 16,838 |
| Lee C. Powlus | Chief Administrative Officer | 7,294 |
| Tamina O'Neill | Chief Risk Officer | 2,300 |
| Maureen A. Gaffney | Principal Accounting Officer | 7,243 |
| Patricia M. Natale | General Counsel | 10,325 |
| Thomas R. Venables | Director | 89,739 |
| Eileen C. Miskell | Director | 12,470 |
| Gerard F. Nadeau | Director | 17,457 |
| Joseph C. Lerner | Director | 21,165 |
| Donna L. Abelli | Director | 16,300 |
| James O'Shanna Morton | Director | 5,431 |
| Daniel F. OBrien | Director | 36,778 |
| Ken S. Ansin | Director | 283,217 |
| Susan Perry O'Day | Director | 106,608 |
| Michael P. Hogan | Director | 7,808 |
| John J. Morrissey | Director | 13,692 |
| Dawn Perry | Director | 1,796 |
| Leif O'Leary | Director | 1,800 |
| Scott Smith | Director | 6,008 |
| Mary L. Lentz | Director | 8,497 |
| Aparna Ramesh | Director | 956 |
CEO pay and shareholder return
Pay versus performance table from the proxy statement
| Fiscal year | CEO total pay | CEO pay actually paid | Other executives (avg) | Value of $100 invested | Peer group |
|---|---|---|---|---|---|
| FY2025 | $3.61M | $3.87M | $1.29M | $118 | – |
| FY2024 | $2.92M | $2.93M | $1.13M | $100 | – |
| FY2023 INDBChristopher Oddleifson Member | $2.74M | $777.91K | $1.13M | $99 | – |
| FY2023 INDBJeffrey Tengel Member | $5.21M | $5.20M | $1.13M | $99 | – |
| FY2022 | $2.94M | $3.46M | $1.25M | $122 | – |
| FY2021 | $2.78M | $3.49M | $1.05M | $114 | – |
“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.
Executive compensation, fiscal 2025
Summary compensation table from the latest proxy statement
| Executive | Salary | Stock awards | Incentive pay | Other | Total | vs. prior year |
|---|---|---|---|---|---|---|
| Jeffrey Tengel CEO and President | $1.10M | $1.09M | $1.12M | $291.59K | $3.61M | +23% |
| Mark Ruggiero CFO and EVP of Consumer Lending | $612.96K | $430.16K | $516.89K | $145.13K | $1.71M | +15% |
| Patricia Natale EVP and General Counsel and Corporate Secretary | $460.87K | $282.18K | $295.32K | $94.17K | $1.13M | +37% |
| Lee Powlus EVP and Chief Administrative Officer | $470.92K | $306.27K | $312.02K | $94.10K | $1.18M | +39% |
| James Rizzo EVP and Chief Commercial Banking Officer | $458.92K | $285.62K | $308.67K | $73.99K | $1.13M | +41% |
Stock and option awards are grant-date fair values, not realized pay. “Other” includes pension value changes and all other compensation. Source proxy statement.
Employees
Headcount reported in annual reports
“As of December 31, 2025, Rockland Trust employed 2,294 total colleagues, 1,019 of whom are officers of the Bank.”
Corporate history
Events identified from SEC filings
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