ROCKLAND, Mass. -- Independent Bank Corp. said it began an offering to existing shareholders under which it plans to raise $20 million.

Holders of Independent's 5.2 million shares outstanding will get the right to buy 1.536 shares for each share owned at $2.50 a share. In total, Independent can sell up to eight million new shares.

Unsubscribed shares will be offered to area investors. Proceeds will provide regulatory capital currently required of Independent's Rockland Trust Co. unit, which had total assets of $790 million as of Sept. 30.

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