Rockland Trust Co. in Massachusetts has raised $30 million in a private placement and said it would use the proceeds to support growth and for general corporate purposes.
The $3.4 billion-asset unit of Independent Bank Corp. said late Wednesday that it raised the funds through the sale of subordinated debt to a subsidiary of U.S. Bancorp. The debenture carries a fixed interest rate of 7.02% until Aug. 27, 2013.
After the sale announcement, Damon DelMonte, an analyst at KBW Inc.'s Keefe, Bruyette & Woods Inc., reiterated his "market perform" rating on Independent Bank Corp. It does not appear the company needs the capital to deal with credit problems, but the decision to raise it could be "a proactive response to the uncertainly surrounding its exposure to trust-preferred securities," Mr. DelMonte wrote in a research note.