INDEPENDENT BANK Business Summary

Independent Bank Corp. (INDB) is the bank holding company for Rockland Trust Company, a premier New England financial institution that generates revenue primarily through net interest income from a diversified loan portfolio and non-interest income from wealth management and retail service fees. The company operates through three core segments: Commercial Banking, which focuses on commercial and industrial (C&I) and real estate lending; Consumer Banking, providing mortgages and deposit services; and Investment Management, which offers comprehensive wealth advisory services through Rockland Trust Investment Management Group. Following the successful 2025 integration of Enterprise Bancorp, INDB has significantly expanded its footprint across Massachusetts and into New Hampshire. It competes directly with regional peers such as Eastern Bankshares (EBC), Washington Trust Bancorp (WASH), and Webster Financial (WBS), positioning itself as a conservative, high-performing community-focused commercial bank with a resilient, low-cost core deposit franchise. Originally established in 1907 to serve the South Shore of Massachusetts, the company is currently led by President and CEO Jeffrey Tengel, who joined in 2023 after serving as President of People’s United Bank. The executive team includes Mark Ruggiero, Executive Vice President and CFO, and Lee Powlus, Chief Technology and Operations Officer, both of whom bring deep regional banking expertise from pedigrees at People’s United and M&T Bank. The Board of Directors, chaired by Donna Abelli, was recently strengthened by the appointments of Aparna Ramesh, former CFO of the Federal Reserve Bank of Boston, and technology veteran Leif O’Leary. Institutional investors, including BlackRock and Vanguard, maintain a dominant ownership stake, reflecting the company’s reputation for disciplined capital management and a consistent 15-year dividend growth streak.