Rockland completes buyout of O’Connell

ROCKLAND, Mass. – Rockland Trust Co., the bank subsidiary of Independent Bank Corp., completed its acquisition of assets of the Lincoln-based O’Connell Investment Services Inc. last week.
Financial terms were not disclosed. But Independent Bank Corp. said the transaction’s closing adds about $200 million to the assets under management by Rockland Trust’s Investment Management Group. The bank also gains its first investment management office in Rhode Island, as well as several former O’Connell personnel.
The Lincoln firm, founded in 1993, lists six portfolio managers and four administrative personnel on its Web site, www.oconnellinvestments.com. Three partners in the Lincoln firm will stay on, while the other three plan to stay with the office as consultants until retiring, the companies said. (READ MORE)
Rockland Trust, with about $1.3 billion of assets now under management, is one of the largest independent investment advisers in southeastern New England. Additional information is available at www.RocklandTrust.com.