Rockland Trust and its bank holding company parent, Independent Bank, appointed Jeffrey J. Tengel CEO. Current CEO Christopher Oddleifson will step down, effective around Feb. 6. Following Tengel’s formal appointment as CEO, Oddleifson will remain with Rockland Trust in an executive advisory role until the end of 2023.
“What an honor it has been to serve as Rockland Trust’s CEO,” Oddleifson said. “After leading Rockland Trust for over twenty years, I have decided that the time has come to pass the baton. I am thrilled that our Board of Directors has selected a successor with the caliber of Jeff Tengel to guide Rockland Trust into the future.”
Under Oddleifson’s leadership since 2003, Rockland Trust has grown total assets to nearly $20 billion and expanded from its southeastern Massachusetts roots to a bank with over 120 retail branches, commercial and residential lending centers and investment management offices.
“On behalf of the board of directors, I thank Chris Oddleifson for establishing consistent, disciplined, outstanding performance over the last two decades,” Donna L. Abelli, chair of both the Independent and Rockland Trust boards, said. “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.”
Tengel most recently served as senior executive vice president, head of commercial specialty banking at M&T Bank. Tengel was previously president of People’s United, where he was responsible for commercial banking, retail banking and wealth management.
“I am grateful for the opportunity the board has granted me to join an outstanding organization so deeply rooted in the communities it serves,” Tengel said. “I look forward to building strong, enduring relationships with Rockland Trust’s loyal customers and dedicated colleagues. I am steadfastly committed to maintaining the award-winning culture and customer service fostered during Chris Oddleifson’s long-term stewardship. I will draw upon my experience to lead Rockland Trust to a tomorrow filled with innovation, opportunity, sustainable disciplined growth and purpose.”
Independent appointed Tengel as a class I director, effective as of his appointment as CEO, and Rockland Trust appointed Tengel to its board of directors, effective as of his appointment as CEO. Oddleifson will continue to serve as a class III director of Independent and as a Rockland Trust director.
