<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 {NO FEE REQUIRED]
For the transition period from to .
Commission file number: 1-9047
A. Full title of the Plan:
The Rockland Trust Company Employee Savings
and Profit Sharing Plan and Trust
B. Name of issuer of the securities held pursuant to the Plan and
the address of its principal executive office:
Independent Bank Corp.
288 Union Street
Rockland, Massachusetts 02370
As filed on July 24, 1995
<PAGE>
Item 1. Financial Statements and Exhibits.
(a) Financial statements (filed in Exhibit 1 hereto):
Report of independent Public Accountants
Statements as to Net Assets Available for Plan
Benefits as of December 31, 1994 and 1993
Statement of Changes in Net Assets Available for
Plan Benefits for the year ended December 31, 1994
Notes to Financial Statements
(b) Exhibits:
1. Financial statements required by Item 1(a)
2. Consent of independent auditors
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the administrators have duly caused this annual report to be
signed by the undersigned thereunto duly authorized.
ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
July 24, 1995
By:_______________________
S. Lee Miller
Administrator
July 24, 1995 By:_______________________
Richard J. Seaman
Administrator
July 24, 1995 By:_______________________
Raymond G. Fuerschbach
Administrator
<PAGE>
EXHIBIT 1
FINANCIAL STATEMENTS
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1994 AND 1993
TOGETHER WITH AUDITORS' REPORT
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
INDEX
PAGE
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS 1
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993 2
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION, FOR THE YEAR ENDED DECEMBER 31, 1994 3
NOTES TO FINANCIAL STATEMENTS 4-7
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994 8-11
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994 12-13
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Profit Sharing Committee of
The Rockland Trust Company Employee Savings
and Profit Sharing Plan and Trust:
We have audited the accompanying statements of net assets available for
benefits of The Rockland Trust Company Employee Savings and Profit Sharing
Plan and Trust as of December 31, 1994 and 1993, and the related statement
of changes in net assets available for benefits, with fund information, for
the year ended December 31, 1994. These financial statements and the schedules
referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1994 and 1993, and the changes in its net assets available
for benefits, with fund information, for the year ended December 31, 1994, in
conformity with generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
held for investment purposes and reportable transactions are presented for
the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund information
in the statement of changes in net assets available for benefits is presented
for purposes of additional analysis rather than to present the changes in net
assets available for benefits of each fund. The supplemental schedules and
fund information have been subjected to the auditing procedures applied in
the audits of the basic financial statements and, in our opinion, are fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
Boston, Massachusetts
June 21, 1995
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 1994 AND 1993
ASSETS
<CAPTION>
1994 1993
<S> <C> <C>
INVESTMENTS, AT QUOTED MARKET VALUE (Note 3):
Interest-bearing deposits (Note 3) $ 920,650 $ 1,018,350
Savings and certificates of deposit (Note 3) 382,678 91,371
U.S. Government securities 1,249,111 2,074,980
Corporate obligations 340,548 345,771
Corporate common stocks 2,091,294 1,844,913
Mutual funds-bond 389,727 834,160
Mutual funds-equity 1,417,485 -
6,791,493 6,209,545
CASH 37,711 34,938
ACCRUED INCOME RECEIVABLE 51,427 56,359
LOANS TO PARTICIPANTS 116,800 -
CONTRIBUTIONS RECEIVABLE FROM EMPLOYEES
(Notes 1 and 2) - 5,830
CONTRIBUTIONS RECEIVABLE FROM EMPLOYER
(Notes 1 and 2) 76,053 -
NET ASSETS AVAILABLE FOR BENEFITS
(Notes 2 and 5) $7,073,484 $ 6,306,672
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION, FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Pathmark Independent
Wright Pathmark Growth and Bank Corp.
Balanced Growth Income Stock
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
ADDITIONS:
Voluntary contributions
by participants $ 321,032 $ 136,859 $ 120,175 $ 250,681
Contributions by sponsor 122,463 50,840 27,530 58,427
Interest and dividend
income 217,663 62,418 28,266 13,479
Net realized and
unrealized gains
(losses) (283,452) (105,096) (44,458) (35,683)
Transfers between funds 24,975 1,295,728 518,254 564,854
Total additions 402,681 1,440,749 649,767 851,758
DEDUCTIONS:
Amounts paid to
participants (Note 1) 184,874 11,357 57,658 14,426
Transfers between funds 2,167,498 72,568 110,513 62,877
Total deductions 2,352,372 83,925 168,171 77,303
BALANCE, BEGINNING OF YEAR 5,400,315 - - -
BALANCE, END OF YEAR $3,450,624 $1,356,824 $ 481,596 $ 774,455
</TABLE>
The accompanying notes are an integral part of these financial statements.
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS,
WITH FUND INFORMATION, FOR THE YEAR ENDED DECEMBER 31, 1994
(CONTINUED)
<CAPTION>
Certificate Fixed
of Deposit Loan Income
Fund Fund Fund Total
<S> <C> <C> <C> <C>
ADDITIONS:
Voluntary contributions
by participants $ 63,493 $ - $ - $ 892,240
Contributions by sponsor 24,354 - - 283,614
Interest and dividend
income 19,982 3,382 2,780 347,970
Net realized and
unrealized gains
(losses) - - - (468,689)
Transfers between funds 711,460 142,022 - 3,257,293
Total additions 819,289 145,404 2,780 4,312,428
DEDUCTIONS:
Amounts paid to
participants (Note 1) 9,449 9,359 1,200 288,323
Transfers between funds 19,891 8,538 815,408 3,257,293
Total deductions 29,340 17,897 816,608 3,545,616
BALANCE, BEGINNING OF YEAR 92,259 - 813,828 6,306,672
BALANCE, END OF YEAR $882,478 $127,507 $ - $7,073,484
</TABLE>
The accompanying notes are an integral part of these financial statments.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(1) DESCRIPTION OF THE PLAN
The Rockland Trust Company Employee Savings and Profit Sharing Plan and
Trust (the Plan) was created on September 9, 1971 and restated effective
January 1, 1989. The Plan covers employees of Rockland Trust Company (the
Company or RTC) who meet specified eligibility requirements. In 1990, the
assets of the Plan were transferred into a Master Trust. The Master Trust
was formed to hold the assets of the Plan and The Middleborough Trust
Company (MTC) Profit Sharing Trust. RTC and MTC were under common control
by a bank-holding company prior to June 20, 1992. On June 20, 1992, RTC
merged with MTC. As a result, members of the MTC Profit Sharing Plan became
members of the RTC Profit Sharing Plan. All assets of the MTC plan were
transferred to the RTC Plan, essentially dissolving the Master Trust. The
merger had no impact on Plan participants.
Effective January 1, 1994, the Plan was amended to include provisions of the
Internal Revenue Code (IRC) Section 401(k) and the Tax Reform Act of 1986.
The major changes in the amendment affected vesting requirements,
contributions and investment selections.
Eligibility
An employee becomes a participant in the Plan upon completion of one year of
service (1,000 or more hours of service during the Plan year). In order to
share in the Company's contribution to the Plan for any year, a participant
must:
1. Have worked 1,000 or more hours during the year.
2. Be employed by the Company on the last business day of the year.
However, those participants whose employment terminated during the year
because of retirement under the Company's Retirement Plan or because of
disability, death or for any reason after attainment of age 65 shall
share in the Company's contribution.
Contributions
Employees who participate in the Plan may defer up to 9% of their salary, on
a pretax basis, and up to an additional 10% of their salary on an after-tax
basis. The Company matches pretax contributions by 50% of a participant's
deferral, up to 6%. The Company may also make discretionary profit sharing
contributions. No such contributions were made in 1994.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(CONTINUED)
(1) DESCRIPTION OF THE PLAN (Continued)
Contributions (Continued)
Included in voluntary contributions by participants in 1994 is $73,390 of
noncash contributions, representing the rollover of employer securities from
other retirement accounts.
Benefits and Vesting
The Plan's funds are 100% participant-directed, and participants are 100%
vested in all funds immediately upon eligibility. Participants have the
option of allocating their deferrals into five different investment choices,
as follows: (1) Certificate of Deposit Fund, (2) Pathmark Growth Fund,
(3) Wright Balanced Fund, (4) Pathmark Growth and Income Fund and (5)
Independent Bank Corp. Stock Fund.
Trustee
The trustee for the Plan is the Trust Department of Rockland Trust Company
(the Trustee).
Loans to Participants
Loans against participant accounts are permitted. There is a minimum loan
amount of $500 and a maximum of 50% of the participants' account balance,
up to $50,000.
Priorities of the Plan upon Termination
In the event of the termination or partial termination of the Plan, the
Trustee shall liquidate the entire investment in the Plan after payment of
all expenses and after proportional adjustment of accounts to reflect such
expenses, fund losses or profits and reallocations to the date of
liquidation. Each participating employee, retired participating employee
and beneficiary of each deceased participating employee shall be entitled to
receive any amounts outstanding to the credit of the participating
employee's account as of the date of liquidation.
(2) ACCOUNTING POLICIES
The Plan recognizes contributions and investment income on the accrual
basis. Expenses of operations are paid by the Company.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(CONTINUED)
(2) ACCOUNTING POLICIES (Continued)
Reclassifications
Certain reclassifications have been made to prior year balances to conform
with the current year's presentation.
(3) INVESTMENTS
Investments at December 31, 1994 and 1993, as shown in the accompanying
financial statements, are stated at market value based on quoted market
price.
The Wright Balanced Fund consists of cash equivalents, mutual funds, common
stocks, U.S. Government securities and corporate obligations. The Pathmark
Growth Fund and Growth and Income Fund consist of cash equivalents and
mutual funds. The Stock Fund consists of cash equivalents and Independent
Bank Corp. common stock. The Certificate of Deposit Fund consists of cash
equivalents, savings and bank certificates of deposit. All investments are
completely employee-directed.
Included in the investments in the accompanying statements of net assets
available for benefits are the following securities for which the market
value exceeds 5% of net Plan assets as of the beginning of the Plan year.
<TABLE>
Shares or Current
Plan Year Description of Investment Par Value Value
<CAPTION>
<S> <C> <C> <C>
December 31, 1994 Independent Bank Corp.
Common Stock 179,194 $ 940,768
Dreyfus Treasury Prime Cash
Management, Class A 1,120,750 1,120,750
December 31, 1993 SEI Cash Plus Trust Money
Market Portfolio, Class A 810,150 810,150
Wright Near Term Bond Fund 76,952 834,160
</TABLE>
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(CONTINUED)
(4) FEDERAL INCOME TAX
The Plan has been approved as a qualified plan under the Internal Revenue
Code and is intended to be exempt from federal income taxes. The Plan has a
favorable determination letter from the Internal Revenue Service (IRS),
dated March 15, 1995, updating the Plan's tax-exempt status for the latest
amendments. The letter covers the design of the Plan but not the operation
of the Plan. The Plan sponsor is of the opinion that the Plan, as amended
and operated, meets IRS requirements, and therefore, the Plan continues to
be tax-exempt.
(5) PLAN OBLIGATIONS
Plan obligations payable to terminated or retired employees who have
requested payment and which are included in net assets available for
benefits amounted to $47,897 and $4,466 at December 31, 1994 and 1993,
respectively.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
<CAPTION>
Quoted
Shares or Market
Par Value Issuer and Description Cost Price
<S> <C> <C> <C>
WRIGHT BALANCED FUND CASH EQUIVALENTS:
163,800 Dreyfus Treasury Prime Cash
Management, Class A $ 163,800 $ 163,800
WRIGHT BALANCED FUND GOVERNMENT AND
AGENCIES:
100,000 Federal Home Loan Banks, 8.60%,
dated 1/25/90, due 1/25/00 98,250 101,719
100,000 U.S. Treasury Bonds, 8%, dated
8/16/76, due 8/15/01 95,625 100,219
250,000 U.S. Treasury Bonds, 8.25%,
dated 5/15/75, due 5/15/05 244,781 252,578
100,000 U.S. Treasury Bonds, 8.750%,
dated 11/15/78, due 11/15/08 99,968 104,563
100,000 U.S. Treasury Bonds, 9.125%, due
5/15/09 100,000 107,219
50,000 U.S. Treasury Bonds, 10.375%,
dated 7/9/80, due 5/15/95 47,094 50,703
75,000 U.S. Treasury Bonds, 10.5%, due
2/15/95 71,813 75,422
50,000 U.S. Treasury Bonds, 10.750%,
dated 1/4/83, due 2/15/03 46,343 58,485
75,000 U.S. Treasury Bonds, 10.750%,
dated 7/2/85, due 8/15/05 73,875 90,116
50,000 U.S. Treasury Bonds, 11.625%,
dated 9/29/82, due 11/15/02 48,750 60,860
75,000 U.S. Treasury Bonds, 11.625%,
dated 10/30/84, due 11/15/04 73,125 93,938
50,000 U.S. Treasury Bonds, 11.75%, due
2/15/01 47,313 59,468
75,000 U.S. Treasury Bonds, 11.875%, due
11/15/03 74,672 93,821
1,121,609 1,249,111
WRIGHT BALANCED FUND CORPORATE
OBLIGATIONS:
200,000 *Rockland Trust Co., Capital Notes,
10%, due 10/15/96 200,000 200,750
140,500 *Rockland Trust Co., Capital Notes,
9.50%, due 10/15/96 137,250 139,798
337,250 340,548 (2)
WRIGHT BALANCED FUND CORPORATE COMMON
STOCKS:
1,000 AMP, Inc. 37,725 72,750
4,873 Archer-Daniels-Midland Co. 14,799 100,506
2,550 Bankcorp Hawaii Inc. 42,217 64,984
1,000 Bausch & Lomb Inc. 11,865 33,875
2,000 Central & Southwest Corp. 16,372 45,250
2,400 Dean Foods Co. 45,944 69,600
1,000 Exxon Corp. 10,350 60,750
5,468 Federal Signal Corp. 23,574 111,411
1,400 General Electric Co. 27,822 71,400
1,500 Great Lakes Chemical 20,856 85,500
37,153 *Independent Bank Corp. 283,202 195,052
</TABLE>
The accompanying notes are an integral part of these schedules.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
(Continued)
<CAPTION>
Quoted
Shares or Market
Par Value Issuer and Description Cost Price
<S> <C> <C> <C>
WRIGHT BALANCED FUND CORPORATE COMMON
STOCKS (Continued):
1,000 Melville Corp. $ 30,208 $ 30,875
2,700 NBD Bancorp 17,460 73,913
800 Raytheon Co. 15,143 51,100
1,000 Rockwell International Corp. 27,485 35,750
5,400 Southwestern Energy Co. 39,018 80,325
1,050 Stanley Works 16,903 37,538
1,600 Suntrust Banks Inc. 32,296 76,400
2,400 Teco Energy Inc. 15,156 48,600
728,395 1,345,578
WRIGHT BALANCED FUND MUTUAL FUND:
27,466 Wright Near Term Bond Fund 280,974 272,460
Total Wright Balanced Fund 2,632,028 3,371,497
PATHMARK GROWTH FUND CASH EQUIVALENTS:
234,300 Dreyfus Treasury Prime Cash
Management, Class A 234,300 234,300
PATHMARK GROWTH FUND MUTUAL FUNDS:
6,181 Dreyfus New Leaders Fund, Inc. #085 205,793 193,646
7,839 Federated Stock Trust #019 194,111 189,547
14,293 Fidelity Advisor Series VII Overseas
Portfolio 200,665 190,527
7,580 Fidelity Securities #312 Blue Chip
Growth Fund 203,284 196,689
10,818 Fidelity Disciplined Equity Fund
#315 204,133 194,073
11,068 Fortress Utilities Fund, Inc. #53 137,049 129,722
1,145,035 1,094,204
Total Pathmark Growth Fund 1,379,335 1,328,504
PATHMARK GROWTH AND INCOME FUND CASH
EQUIVALENTS:
25,950 Dreyfus Treasury Prime Cash
Management, Class A 25,950 25,950
</TABLE>
The accompanying notes are an integral part of these schedules.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
(Continued)
<CAPTION>
Quoted
Shares or Market
Par Value Issuer and Description Cost Price
<S> <C> <C> <C>
PATHMARK GROWTH AND INCOME FUND
MUTUAL FUNDS:
6,674 Federated GNMA Trust #101 $ 72,626 $ 69,945
3,547 Federated International Income
Fund #109 36,201 36,819
3,213 Federated Stock Trust #019 82,820 77,684
2,166 Fidelity Advisor Series II #165
High Yield Portfolio 24,579 23,480
1,076 Fidelity Advisor Series VII
Overseas Portfolio 15,063 14,349
3,667 Fortress Bond Fund #198 33,713 32,857
3,942 Fortress Utilities Fund, Inc. #53 48,736 46,199
1,608 SEI Pro Vantage Capital Appreciation 24,392 21,949
338,130 323,281
PATHMARK GROWTH AND INCOME FUND MUTUAL
FUND-BOND:
11,715 Federated Intermediate #192
Government Trust 120,168 117,267
Total Pathmark Growth and
Income Fund 484,248 466,498
INDEPENDENT BANK CORP. STOCK FUND CASH
EQUIVALENTS:
800 Dreyfus Treasury Prime Cash
Management, Class A 800 800
INDEPENDENT BANK CORP. STOCK FUND
EQUITIES:
142,041 *Independent Bank Corp. 784,098 745,716 (1)
Total Independent Bank Corp.
Stock Fund 784,898 746,516
CERTIFICATE OF DEPOSIT FUND CASH
EQUIVALENTS:
495,800 Dreyfus Treasury Prime Cash
Management, Class A 495,800 495,800 (1)
CERTIFICATE OF DEPOSIT FUND SAVINGS
AND CDS:
58,486 *Rockland Trust Co., CD, 3.30%,
dated 3/14/94, due 3/14/95 58,487 58,487
58,570 *Rockland Trust Co., CD, 3.5%,
dated 3/14/94, due 3/14/95 58,570 58,570
58,675 *Rockland Trust Co., CD, 3.75%,
dated 3/14/94, due 3/14/96 58,675 58,675
58,545 *Rockland Trust Co., CD, 4%,
dated 9/16/94, due 3/16/95 58,545 58,545
58,885 *Rockland Trust Co., CD, 4.25%,
dated 3/14/94, due 3/14/97 58,885 58,885
</TABLE>
The accompanying notes are an integral part of these schedules.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27a-SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1994
(Continued)
<CAPTION>
Quoted
Shares or Market
Par Value Issuer and Description Cost Price
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT FUND SAVINGS
AND CDS (Continued):
58,990 *Rockland Trust Co., CD, 4.5%,
dated 3/14/94, due 3/14/98 $ 58,990 $ 58,990
30,526 *Rockland Trust Co., CD, 5%,
dated 7/26/94, due 7/26/98 30,526 30,526
382,678 382,678
Total Certificate of Deposit
Fund 878,478 878,478
LOAN FUND:
Loans to participants, interest
rates from 6% to 7.75% 116,800 116,800
Total investments held at
December 31, 1994 $6,275,787 $6,908,293
</TABLE>
The accompanying notes are an integral part of these schedules.
(1) Exceeds 5% of Plan net assets.
(2) The market price of Rockland Trust Company capital notes is determined
quarterly by an independent third party.
* Party-in-interest to the Plan. Such investments include $1,281,316 of
employer securities.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
<CAPTION>
Identity Purchases Sales Gain
of Party Number Amount Number Amount (Loss)
<S> <C> <C> <C> <C> <C>
WRIGHT BALANCED FUND:
Dreyfus Treasury Prime
Cash Management 45 $ 567,850 18 $ 404,050 $ -
SEI Cash Plus Trust
Money Market Fund #32 88 2,221,450 32 2,429,350 -
Wright Near Term Bond
Fund 1 350,000 3 896,053 1,034
PATHMARK GROWTH AND INCOME
FUND:
SEI Cash Plus Trust
Money Market Fund #32 17 967,950 13 967,950 -
Harbor Bond Fund 6 307,027 5 293,495 13,532
PATHMARK GROWTH FUND:
Dreyfus Treasury Prime
Cash Management 49 382,800 26 148,500 -
Fidelity Disciplined
Equity Fund #315 6 402,841 3 186,946 (11,762)
Harbor Bond Fund 6 397,877 2 381,084 (16,792)
Invesco Industrial
Income Fund 7 204,707 1 203,757 (949)
Janus Fund, Inc. 4 197,574 2 190,598 (6,976)
Nicholas Fund, Inc. 3 196,039 2 188,934 (7,105)
SEI Cash Plus Trust
Money Market Fund #32 17 2,542,500 11 2,542,500 -
SEI Pro Vantage Capital
Appreciation #0624 7 204,210 2 204,987 776
T. Rowe Price International
Stock Fund 6 199,833 2 192,225 (7,608)
</TABLE>
The accompanying notes are an integral part of these schedules.
<PAGE>
THE ROCKLAND TRUST COMPANY
EMPLOYEE SAVINGS AND PROFIT
SHARING PLAN AND TRUST
<TABLE>
PLAN NO. 002
E.I.N. 04-1782600
ITEM 27d-SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1994
(Continued)
<CAPTION>
Identity of Purchases Sales Gain
Party Number Amount Number Amount (Loss)
<S> <C> <C> <C> <C> <C>
INDEPENDENT BANK CORP.
STOCK FUND:
Dreyfus Treasury Prime
Cash Management 18 $ 209,550 16 $ 208,750 $ -
*Independent Bank Corp.
Common Stock 26 782,734 16 71,545 2,699
SEI Cash Plus Trust
Money Market Fund #32 29 622,400 19 622,400 -
CERTIFICATE OF DEPOSIT FUND:
Dreyfus Treasury Prime
Cash Management 48 941,850 13 446,050 -
</TABLE>
*Party-in-interest to the Plan.
The accompanying notes are an integral part of these schedules.
<PAGE>
<PAGE>
Exhibit 2
Consent of Independent Auditors
<PAGE>
Consent of Independent Public Accountants
As independent public accountants, we hereby consent to the use in this
Form 11-K of our report dated June 21, 1995 and the incorporation by
reference of our report in Independent Bank Corp.'s Registration
Statement No. 33-60293 on Form S-8.
Arthur Andersen LLP
Boston, Massachusetts
June 26, 1995
