ROCKLAND, Mass. – The board of directors of Independent Bank Corp. (NASDAQ: INDB), the parent of Rockland Trust Co., Thursday announced the approval by its board of directors of a stock repurchase program, effective immediately.
The program authorizes the company to repurchase up to 1 million shares, or about 7 percent of its outstanding common stock.
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The board placed no deadline on the program, according to IBC’s announcement; rather, the company expects to make open market or privately negotiated purchases from time to time. The timing and amount of any repurchases will depend upon market conditions, securities law limitations, and other corporate considerations, and the program may be modified, suspended, or terminated by the board at any time.
Also Thursday, the IBC board announced a quarterly dividend of 16 cents per share, payable Jan. 5 to stockholders of record as of the close of business on Dec. 26.
In addition, IBC said, the trustees of its subsidiary business trusts – Independent Capital Trust III and IV – have declared quarterly distributions on their trust preferred securities.
A dividend of 53.90625 cents, payable Dec. 29 to security holders of record on Dec. 28, was announced on the 8.625-percent cumulative trust preferred securities of Independent Capital Trust III (NASDAQ: INDBN). A dividend of 52.34375 cents, payable Dec. 29 to security holders of record on Dec. 28, was announced on the 8.375-percent cumulative trust preferred securities of Independent Capital Trust Trust IV (NASDAQ: INDBM).
Independent Bank Corp.’s sole bank subsidiary, Rockland Trust Co., is a full-service community bank with $2.9 billion in assets that serves southeastern Massachusetts and Cape Cod. To learn more, visit www.RocklandTrust.com.
