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Independent Bank Corp., parent of Rockland Trust Company, said it received preliminary approval for an investment of up to approximately $78 million of new capital from the U. S. Dept. of Treasury.

The Capital Purchase Program was pat of the $700 billion bailout plan approved by Congress and enacted in October.

"We are pleased to announce our voluntary participation in the Capital Purchase Program and the Treasury's preliminary approval of our application," said Christopher Oddleifson, president and chief executive officer of Independent Bank Corp. and of Rockland Trust. "The fact that the United States Treasury is willing to invest in Independent Bank Corp. is a testament to our strength and stability and confirms our good standing and healthy financial status."

The Treasury will invest up to approximately $78 million in non-voting, senior preferred shares of Independent Bank Corp. and will also receive warrants to purchase Independent Bank Corp. common stock.

Independent intends to use the capital to expand credit to businesses and consumers. The sale of preferred shares and issuance of warrants is subject to the completion of required documentation, which Independent anticipates will occur in January 2009.
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Independent Bank Corp., (INDB:Nasdaq) is based in Rockland, Mass. and earlier this year bought Slade's Ferry Bancorp in Somerset and Benjamin Franklin Bancorp in Franklin/.

 Tags  Benjamin Franklin Bancorp. Independent Bank Corp. Slade's Ferry

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