PROVIDENCE – The Rockland Trust Co. will have a new leader at the helm next month.
The Rockland, Mass.-based bank on Monday named Jeffrey J. Tengel as successor to its current CEO, Christopher Oddleifson. Tengel was chosen by a panel of company board members based on a national search and will formally take over on Feb. 6, according to a news release.
Oddleifson is stepping down after 20 years as CEO of the bank and its parent company, Independent Bank Corp. Under his leadership, the bank saw total assets increase tenfold, from $2 billion to $20 billion while broadening its physical footprint to include 120 retail branches, lending centers and investment management offices across the region.
Oddleifson in a statement said he was leaving because “the time has come to pass the baton.”
Tengel comes to Rockland Trust from M&T Bank, where he served as senior executive vice president and head of commercial specialty banking. He previously served as president of People’s United Financial, before it was acquired by M&T Bank, and has also worked at PNC and National City banks.
“Our strategic direction is unchanged, and we are confident that Jeff Tengel will leverage his robust commercial banking experience and people-first leadership style to maintain Rockland Trust’s best-in-class culture and build on the organization’s solid foundation,” Donna L. Abelli, chairwoman of both the Independent and Rockland Trust boards, said in a statement.
Oddleifson will stay on as a formal adviser for the bank through the end of the year, and continue serving as a director for Rockland Trust and its parent company until his term ends later this year. Tengel will also join the boards of both companies at the time he becomes CEO.
“I am steadfastly committed to maintaining the award-winning culture and customer service fostered during Chris Oddleifson’s long-term stewardship,” Tengel said in a statement. “I will draw upon my experience to lead Rockland Trust to a tomorrow filled with innovation, opportunity, sustainable disciplined growth, and purpose.”
Rockland Trust operates a commercial lending and investment office in Providence, and has bank branches in Seekonk and Attleboro.
Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.
