BOSTON – Small banks and credit unions are creating tough competition for Rockland Trust, according to a July 12 article in the Boston Business Journal.
“Small banks and credit unions hungry for loan growth are swarming all over Rockland’s widening territory, and they’re offering loan pricing Rockland executives call ‘irrational,’ ” according to the article.
To make the situation more difficult, “commercial loan customers are using cash to pay
down their debts and leaving their credit lines unused,” the article said. That “has led the bank to lower its estimate for 2013 loan growth from the expected four-or-five percent to one-or-two percent.
Independent Bank Corp. is the parent of Rockland Trust, which is based in Rockland, Mass.