Bullish indicating open at $55-$60, IPO prices at $37
Independent Bank Corp (NASDAQ:INDB) announced Thursday that Aparna Ramesh has voluntarily resigned from its board of directors, effective the same day. The company stated that Ramesh’s decision to step down was not due to any disagreement with Independent Bank Corp, its subsidiary Rockland Trust, the board, or management.
The announcement was made in a press release filed with the Securities and Exchange Commission. No information was provided regarding the appointment of a replacement director. With earnings scheduled for release in 7 days, investors seeking deeper insights can access comprehensive analysis through InvestingPro’s detailed research report, which is part of their coverage of over 1,400 US stocks.
Independent Bank Corp is headquartered in Rockland, Massachusetts, and its common stock is listed on the NASDAQ Global Select Market under the ticker INDB.
In other recent news, Independent Bank Corp reported its Q1 2025 earnings, showing a mixed performance. The bank’s earnings per share (EPS) of $1.06 fell short of the expected $1.17, marking a 9.4% miss. However, revenue reached $178 million, surpassing the forecast of $173.32 million. Independent Bank is preparing for a significant acquisition of Enterprise Bancorp, expected to close in Q3, which will add $1.5 billion in assets under administration. Despite the EPS miss, the bank reported a GAAP net income of $44.4 million and a robust loan pipeline with deposits increasing by $370 million, or 2.4%, during the quarter. Analysts from Piper Sandler and Raymond (NSE:RYMD) James engaged with the bank’s executives during the earnings call, discussing credit quality and future expectations. Independent Bank’s strategic focus remains on Commercial & Industrial lending, with plans to continue reducing its commercial real estate concentration. The bank also anticipates a quarterly net interest margin expansion of 3-4 basis points.
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