The Bank employs over 2,200 colleagues and operates from more than 150 branches, in addition to a network of commercial and residential lending centers, and investment management offices primarily in eastern Massachusetts as well as in Worcester County, southern New Hampshire, and Rhode Island.
QUALITY RATIOS
OUR GROWTH
In 2025, we:
• Closed on the Enterprise Bank acquisition on July 1, 2025
• Grew deposits by $4.8 billion to $20.1 billion
• Grew loans by $4.0 billion to $18.5 billion
• Grew wealth AUM by $2.2 billion to $9.2 billion
• Grew tangible book value per share by $0.59 to $47.55
• Grew to more than 150 branches across our footprint and expanded into New Hampshire
• Welcomed over 900 new hires, including more than 550 colleagues from Enterprise Bank
BRANCH LOCATION
TO MY FELLOW COLLEAGUES, CUSTOMERS, AND SHAREHOLDERS,
For Rockland Trust, 2025 was a year of meaningful growth, new relationships, and laying the groundwork for continued success. Guided by our mission to be the Bank Where Each Relationship Matters, we not only delivered strong results but also reinforced the relationship-driven approach that sets us apart.
One of the year’s most significant milestones was the successful acquisition of Enterprise Bank. This merger was much more than a strategic transaction; it brought together two high-performing, communityfocused banks with shared values and a mutual commitment to serving customers with care.
Our colleagues dedicated months of thoughtful planning and collaboration to ensure a smooth integration, all while continuing to deliver the highquality, personalized service our customers and communities expect.
As we look ahead, we do so united as one team, inspired by our steadfast purpose and confident in our collective strength. We remain committed to creating lasting value through organic growth, disciplined credit and risk management, and an unwavering dedication to the people, businesses, and communities we proudly serve.
OUR PURPOSE
Our mission to be the Bank Where Each Relationship Matters is more than a tagline; it is a guiding principle that shapes how we serve, lead, and grow. This commitment inspires our colleagues to approach every interaction with purpose and integrity, reflecting our aspiration to create meaningful, lasting connections with one another, our customers, and our communities.
For nearly 120 years, relationships have been the cornerstone of our success. Through changing economic cycles and evolving customer needs, our focus on trust, care, and respect has remained constant. Our colleagues lead with empathy and professionalism, recognizing that strong relationships are built on listening, understanding, and delivering on our commitments. We are proud of the trust we have earned and of the enduring relationships that continue to define Rockland Trust.
JEFFREY TENGEL PRESIDENT & CHIEF EXECUTIVE OFFICER INDEPENDENT BANK CORP. & ROCKLAND TRUST
AWARD-WINNING CULTURE
At Rockland Trust, our colleagues are the heart and soul of our bank. Their dedication, expertise, and commitment to our shared values and mission define who we are and how we serve. Every interaction, accolade, and success reflects their incredible talent and effort, reinforcing our belief that investing in our colleagues is one of the most important decisions we make and is essential to our long-term success.
In 2025, Rockland Trust was recognized by The Boston Globe as a Top Place to Work for the 17th consecutive year, an achievement that underscores the strength of our culture and the meaningful relationships that define our workplace.
As we look ahead, we will continue to invest in our valued colleagues, the people who make our bank what it is. We do this by supporting their development, celebrating their contributions, and fostering a culture where each perspective and background matters.
2025 WORKPLACE HIGHLIGHTS:
• Provided internal training to more than 1,400 colleagues
To support the growth and development of our colleagues, we offer various learning and development opportunities designed to help individuals build skills, prepare for future leadership roles, and reach their full potential.
INCLUSION AND BELONGING
We believe in creating an inclusive workplace where every individual feels respected, supported, and able to be their authentic self. Our commitment to diversity, equity, inclusion, and belonging is embedded in how we hire, develop, and support our colleagues.
Reflecting this commitment, the Human Rights Campaign Foundation recognized Rockland Trust for the tenth consecutive year with a perfect score of 100 on its annual Corporate Equality Index.
• Distributed over $170,000 in tuition reimbursement to support colleagues’ education
• Launched RT University, an internal training program featuring multiple on-site programs and over 80 on-demand courses
• Promoted nearly 400 colleagues
• Graduated nearly 50 colleagues from our Rising Stars development program
“Since day one, what I found at Rockland Trust was a culture that truly invests in its people. From earning my college degree through the Bank’s tuition assistance program to completing our Commercial Banking Development Program, the organization has helped me develop professional skills, empowered me to find my confidence, and taught me what it really means to grow with intention. That journey ultimately inspired me to help create and co-chair the organization’s newest Employee Resource Group, Momentum. At Rockland Trust, growth isn’t just encouraged; it’s part of who we are.”
Victoria Arzola Commercial Credit Underwriter
RELATIONSHIP BANKING
Additionally, our colleagues go the extra mile to become an extension of our customers’ businesses and families. In 2025, we brought these stories to life in a new advertising campaign centered on real bankers and customers and the genuine relationships that can only be built at Rockland Trust. We are also committed to fair and responsible banking, prioritizing lending, financial services, and investments in underserved communities as we work to bridge gaps and empower individuals and businesses with the resources they need to thrive.
Our colleagues are committed to delivering personalized service, deep expertise, and building lasting relationships grounded in trust and respect.
Our retail service culture is guided by the FISH! Philosophy, a set of four actionable practices inspired by the Pike Place Fish Market in Seattle that are designed to improve workplace culture, boost morale, and enhance customer service.
FISH! PHILOSOPHY
• Be there
• Play
• Make their day
• Choose your attitude
The principles encourage our colleagues to be their best selves, make a conscious choice to bring a positive attitude to work, find joy in what they do, and seek meaningful ways to serve and delight others, creating positive experiences for customers and fellow colleagues.
As part of these efforts, our specialized Fair and Responsible Banking team leads initiatives that improve access to financial products and services for low- and moderate-income individuals, small businesses, and underserved areas.
2025 FAIR BANKING HIGHLIGHTS
• Originated more than 160 residential mortgage loans using innovative and flexible lending programs, totaling nearly $62 million
• Provided 75 community development loans totaling $438 million; this included nearly $200 million in credit for projects focused on developing or improving affordable housing
• Named the #1 Third-Party Lender by the Small Business Administration’s (SBA) Massachusetts District Office
ASHLEY BEDARD VP, BRIDGEWATER BRANCH MANAGER
FARID SASSINE
LUCKY STAR GAS & REPAIR
SERVICE EXCELLENCE
Validating our commitment to customers and delivering exceptional experiences, Rockland Trust was ranked #1 in Massachusetts on the Forbes 2025 World’s Best Banks list. We were also recognized with four “Best Bank in the Northeast” Coalition Greenwich 2026 awards for customer satisfaction in middle market and small business banking.
By staying focused on relationships and remaining responsive to our customers’ changing needs, we continue to bring meaningful value to those we serve.
MAKING BANKING EASIER
At Rockland Trust, thoughtful investment in technology and operations helps facilitate strong relationships and seamless customer experiences. Our systems and processes are designed to help colleagues deliver personalized service while providing customers with the convenience, security, and reliability they expect. By aligning technology with our relationship-driven values, we ensure it enhances rather than replaces the human connections at the core of our mission.
By investing in technology in a strategic and disciplined way, we are building an operational foundation that supports innovation, safeguards trust, and positions the Bank for continued success in the years ahead.
MICHAEL TAVARES (CENTER) VP, SR. BUSINESS BANKING OFFICER
2025 TECHNOLOGY HIGHLIGHTS
• Completed more than 80 large-scale projects overseen by our Project Management Office
• Launched a new business online account opening system
• Laid the architecture and groundwork to migrate to a more modern and efficient core banking ecosystem in 2026
• Introduced a new business unit, the Center of Excellence for Digital Innovation, to serve as a hub for evaluating emerging technologies and shaping our long-term digital strategy
JEN MELLO (LEFT) & GARY MELLO (RIGHT) THE MELLO GROUP & ORACLE HOMES
WHERE WE LIVE AND WORK
As a community-oriented bank, we continually seek to strengthen the communities we serve by sharing our time, expertise, and resources. Our colleagues are deeply engaged with local community organizations, helping them in their missions and standing by them in service. Rockland Trust encourages volunteerism and board service, enabling us to contribute to the vibrancy and prosperity of the cities and towns we share.
2025 GIVING & ENGAGEMENT HIGHLIGHTS
• Donated over $4.8 million to more than 1,100 organizations
• Recorded over 37,500 community service hours
• Served on 775 nonprofit boards
• Awarded 16 new scholarships and renewed 44 existing scholarships
• Hosted more than 20 supply drives to support neighbors in need and supported two regional collection drives: Belle of the Ball and Coats for Kids and Families
• Donated more than $230,000 to United Way through our employee giving program
“At Rockland Trust, we are dedicated to helping individuals and families develop a healthy relationship with money at every age. We believe Ms. Money’s Playroom, at the Children’s Museum of Franklin, will introduce kids to money in a fun and engaging way that sticks with them for many years to come.”
Julie Beckham AVP, Financial Education Development & Strategy Officer
NEW HAMPSHIRE COMMUNITY DEVELOPMENT FINANCE AUTHORITY – CONCORD, NH
The CDFA drives economic development across New Hampshire, deploying technical and financial resources to help Granite State communities thrive. Rockland Trust partnered with CDFA to purchase tax credits for the Granite State Children’s Alliance, YMCA of Greater Nashua, and NH Community Loan Fund.
LOWELL FOLK FESTIVAL – LOWELL, MA
The Lowell Folk Festival is the second longest-running and second-largest free folk festival in the United States, typically attracting upwards of 150,000 attendees. Rockland Trust was a major sponsor of the festival and colleagues volunteered throughout the event as members of the fundraising Bucket Brigade.
COMMUNITY HARVEST PROJECT – NORTH GRAFTON, MA
Community Harvest Project is dedicated to addressing food insecurity through sustainable farming practices and community engagement. Rockland Trust made a donation to support the volunteer farming program and colleagues volunteered over 100 hours for spring planting.
FATHER BILL’S & MAINSPRING – BROCKTON, MA & QUINCY, MA
Father Bill’s & MainSpring provides a range of innovative, compassionate, and cost-effective services to assist individuals and families facing a housing crisis across the South Shore and southern Massachusetts. In addition to a $20,000 grant from the Rockland Trust Foundation supporting the Smith Family Housing Resource Center in Brockton and the Yawkey Housing Resource Center in Quincy, our colleagues volunteered more than 200 hours serving lunch at both facilities.
ANNIE’S KINDNESS BLANKETS – MIDDLEBORO, MA
Annie’s Kindness Blankets offers warmth, comfort, and hope to those experiencing grief, hardship, or emotional struggle by creating and delivering handmade blankets, described as “everlasting hugs,” as tangible reminders that no one is alone. More than 200 Rockland Trust colleagues volunteered over 300 hours making blankets and distributing them to local organizations throughout our footprint.
HAPPY HOPE FOUNDATION – POCASSET, MA
The Happy Hope Foundation works to spark joy and deliver hope to children enduring hospital stays or homelessness during their most vulnerable moments. Rockland Trust colleagues came together to donate and assemble hundreds of Hope Bags, which were delivered to local hospitals and shelters.
LOOKING AHEAD
For nearly 120 years, we have grown by listening, learning, and evolving to meet the needs of the customers and communities we proudly serve. As we look ahead, with a clear focus on organic growth, we will continue taking thoughtful, proactive steps to stay ahead in an ever-changing banking landscape. We will do so the way we always have, by learning from one another and shaping the best path forward through the ideas, experiences, perspectives, and expertise each of us brings to the Bank. At the same time, we will remain firmly rooted in the principles and values that have guided us from the beginning, the foundation of our strength, our culture, and our continued success.
As we look ahead to the rest of 2026, we are excited about the opening of our new corporate headquarters at One Technology Place in Rockland, MA. This new building will bring together teams from across our existing footprint into a single, dynamic workspace, enabling us to cultivate an even stronger culture of teamwork and idea sharing, improving communication across business lines, and further solidifying Rockland Trust as a top place to work.
NEW HEADQUARTERS 1 TECHNOLOGY PLACE | ROCKLAND, MA
While the Bank continues to develop and evolve, it has never been our strategy to grow simply for the sake of becoming bigger, and we do not intend to start now. Our priority is, and always will be, to uphold a culture of strong credit and risk management, delivering long-term value in a way that supports our people and deepens our footprint one relationship at a time.
“... it has never been our strategy to grow simply for the sake of becoming bigger, and we do not intend to start now.”
I would like to express my deepest appreciation and gratitude to each of you—our shareholders, colleagues, customers, and community members— for the trust and confidence you place in us. Rockland Trust’s growth and success are, and always have been, a product of your support and the relationships we share with each of you.
With appreciation,
We also look forward to the completion of Project Nexus in 2026, the Bank’s multi-year migration to a more modern, powerful, and efficient banking ecosystem. This transition will be more than a technology upgrade; it will be a transformation that impacts every part of our bank, redefining how we connect systems, serve customers, and support one another.
Jeffrey Tengel President & Chief Executive Officer Independent Bank Corp. & Rockland Trust
Directors of Independent Bank Corp. & Rockland Trust Company
Michael P. Hogan Board Chair
Donna L. Abelli
Kenneth Ansin
Mary L. Lentz
Joseph Lerner
Eileen C. Miskell
John J. Morrissey
James O'Shanna Morton
Gerard F. Nadeau
Daniel F. O’Brien
Susan Perry O'Day
Leif O’Leary
Dawn Perry
Scott K. Smith
Jeffrey Tengel
Thomas R. Venables
Officers of Independent Bank Corp. &/or Rockland Trust Company
Jeffrey Tengel President & Chief Executive Officer
