About Independent Bank

Independent Bank Corporation operates as the bank holding company for Independent Bank that provides a broad range of banking services to individuals and businesses. The company provides a wide range of banking, investment and financial services, operating with over retail branches, as well as a network of commercial and residential lending centers, and investment management offices primarily in Eastern Massachusetts, Worcester County, and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Loans As of December 31, 2022, the company’s loans portfolio included real estate loans (includes both residential and non-residential commercial loans secured by real estate), such as residential first mortgages, residential home equity and other junior mortgages, construction and land development, and other loans (includes loans secured by multi-family residential and non-farm, non-residential property); consumer loans; commercial loans; and agricultural loans. Securities As of December 31, 2022, the company’s securities included U.S. government agency securities; U.S. treasury securities; agency mortgage-backed securities; agency collateralized mortgage obligations; state, county and municipal securities; pooled trust preferred securities issued by banks and insurers; and small business administration pooled securities. Deposits As of December 31, 2022, the company’s deposits included noninterest-bearing demand deposits, savings and interest checking accounts, money market, and time certificates of deposit. Supervision and Regulation The company is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the BHCA), and as such is subject to regulation by the Board of Governors of the Federal Reserve System (the Federal Reserve). Rockland Trust is subject to regulation and examination by the Commissioner of Banks of the Commonwealth of Massachusetts (the Commissioner) and the FDIC. The BHCA prohibits the company from acquiring direct or indirect ownership or control of 5% or more of any class of voting shares of any bank, or increasing such ownership or control of any bank, without prior approval of the Federal Reserve. The BHCA also prohibits the company from, with certain exceptions, acquiring 5% or more of any class of voting shares of any company that is not a bank and from engaging in any business other than banking or managing or controlling banks. The bank's deposit accounts are insured to the maximum extent permitted by law by the Deposit Insurance Fund, which is administered by the FDIC. The FDIC offers insurance coverage on deposits up to the federally insured limit of $250,000. The bank is assessed a deposit insurance charge from the FDIC based upon the bank's overall assessment base multiplied by an assessment rate, determined in part from five established risk categories. The Bank's assessment base is defined as average consolidated total assets minus average tangible equity, adjusted for the impact of the risk category factors. Pursuant to the CRA and similar provisions of Massachusetts law, regulatory authorities review the performance of the company and the bank in meeting the credit needs of the communities served by the bank. The FDIC and the Massachusetts Division of Banks have assigned the Bank a CRA rating of Outstanding as of the latest examination. The bank is subject to federal consumer protection statutes and regulations promulgated under those laws, including, but not limited to the following: Truth-In-Lending Act and Regulation Z, governing disclosures of credit terms to consumer borrowers; Home Mortgage Disclosure Act and Regulation C, requiring financial institutions to provide certain information about home mortgage and refinanced loans; Equal Credit Opportunity Act and Regulation B, prohibiting discrimination on the basis of race, sex, or other prohibited factors in extending credit; Fair Credit Reporting Act and Regulation V, governing the provision of consumer information to credit reporting agencies and the use of consumer information; and Fair Debt Collection Practices Act, governing the manner in which consumer debts may be collected by collection agencies. The bank’s deposit operations are also subject to the following federal statutes and regulations, among others: The Truth in Savings Act and Regulation DD, which requires disclosure of deposit terms to consumers; Regulation CC, which relates to the availability of deposit funds to consumers; The Right to Financial Privacy Act, which imposes a duty to maintain the confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; and Electronic Funds Transfer Act and Regulation E, governing electronic deposits to, and withdrawals from, deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services. As a financial institution with more than $10 billion in assets, the Bank is supervised by the Consumer Financial Protection Bureau (CFPB) for consumer protection purposes. The CFPB’s regulation of the bank is focused on risks to consumers and compliance with the federal consumer financial laws and includes regular examinations of the bank. History Independent Bank Corporation was founded in 1864. The company was incorporated under the laws of the state of Michigan in 1973.