Fitch Affirms Independent Bank Corp. Following Acquisition Announcement

Business Wire, Nov 10, 2008

NEW YORK -- Fitch Ratings has affirmed the long- and short-term Issuer Default Ratings (IDRs) for Independent Bank Corp. (INDB) and its banking subsidiary, Rockland Trust Company at 'BBB-/F3'. The Rating Outlook remains Stable. A complete list of the ratings for INDB and its subsidiary is provided at the end of this release.

The affirmation follows INDB's recent announcement to acquire Franklin, Massachusetts-based, Benjamin Franklin Bancorp (BFBC) for an aggregate value of $125 million in a 100% stock deal. The acquisition, which is expected to close during the second quarter of 2009, will add approximately $981 million in assets and 11 branches, significantly expanding INDB's greater Boston market franchise.

Proforma capital ratios, specifically tangible capital, are not expected to be materially impacted by this transaction. INDB's good asset quality is anticipated to experience slight pressure with the addition of a few isolated problem credits in BFBC's commercial real estate portfolio, yet should remain at manageable levels. Earnings generation and INDB's healthy net interest margin (NIM) are expected to remain sound. As there is integration risk with all acquisitions, INDB's experience with similar purchases and BFBC's seemingly sound credit profile should provide for a low-risk transaction overall.

Fitch has affirmed the following ratings with a Stable Outlook:

Independent Bank Corp.

--Long-Term Issuer Default Rating at 'BBB-';

--Short-Term IDR at 'F3';

--Individual at 'B/C';

--Support at '5';

--Rating Floor at 'NF'.

Rockland Trust Company

--Long-Term Issuer Default Rating at 'BBB-';

--Long-Term Deposits at 'BBB';

--Short-Term IDR at 'F3';

--Short-Term Deposits at 'F3';

--Individual at 'B/C';

--Support at '5';

--Rating Floor at 'NF'.

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