United States Treasury Department Awards $50 Million in Tax Credit Allocation Authority to Rockland Trust Company under Federal New Markets Tax Credit Program

ROCKLAND, Mass.--(Business Wire)--
United States Secretary of the Treasury Timothy Geithner today announced that
Rockland Trust Community Development Corporation was awarded $50million in tax
credit allocation authority under the federal New Markets Tax Credit Program.
The announcement was made at a public ceremony in Roxbury, Mass. at which the 32
organizations that received the $1.5 billion of New Markets Tax Credit
allocation authorized by the American Recovery and Reinvestment Act of 2009 were
recognized. Rockland Trust Community Development Corporation, which is a wholly
owned subsidiary of Rockland Trust Company, the bank subsidiary of Independent
Bank Corp`s. (NASDAQ: INDB), was the only Massachusetts-based organization to
receive an award.

In addition to Treasury Secretary Geithner, Congressman Barney Frank,
Congressman Michael Capuano, Massachusetts Governor Deval Patrick, and Boston
Mayor Thomas Menino spoke at the event today. Mike Psikarakis, who recently
opened Micos Café in Brockton, Massachusetts using a New Markets Tax Credit loan
obtained through Rockland Trust, also spoke at the event, gratefully
acknowledging the role that the New Markets Tax Credit Program and Rockland
Trust played in helping him open his restaurant.

Chris Oddleifson, Chief Executive Officer and President of Independent Bank
Corp. and Rockland Trust Company, also attended the ceremony and said, "Rockland
Trust is honored to receive this New Markets Tax Credit award, as this funding
will enhance our already strong commitment to support the communities in which
Rockland Trust does business. During times of economic hardship, it is
especially important to support qualified businesses in low-income communities,
as they provide essential services, create new jobs, and sustain economic growth
in distressed areas."

Rockland Trust Community Development Corporation has been qualified as a
"community development entity" under the New Markets Tax Credit Program. The
award announced today marks the third time that one of Rockland Trust`s
community development subsidiaries has received a New Markets Tax Credit award.
The $50 million award enables Rockland Trust, through its community development
subsidiary, to make loans to qualified businesses and individuals in low-income
communities in Eastern Massachusetts, on Cape Cod, and in Rhode Island in
accordance with New Markets Tax Credit Program criteria. All loans will be made
to qualified borrowers on advantageous terms and conditions, such as below
market interest rates, longer interest-only periods, and longer amortization
periods.

The New Markets Tax Credit Program was created in December 2000 to provide tax
incentives to induce private-sector, market-driven investment in businesses and
real estate development projects located in low-income urban and rural
communities across the nation. The New Markets Tax Credit Program is part of the
United States Department of the Treasury Community Development Financial
Institutions Fund. More information on the program may be obtained at
www.cdfifund.gov. The $1.5 billion in tax credit allocation authority announced
today was approved in February 2009 as part of the economic stimulus bill.

The $50 million award to the Rockland Trust Community Development Corporation
enables Rockland Trust to acquire federal tax credits by making an equity
investment in the Rockland Trust Community Development Corporation, for a period
of at least seven years, up to the full amount of the award. Rockland Trust
Community Development Corporation, in turn, must use that equity investment to
make loans to qualified businesses and individuals in low-income communities in
accordance with New Markets Tax Credit Program criteria. Rockland Trust`s
overall tax credit will be equal to 39% of its total equity investment in
Rockland Trust Community Development Corporation, credited at a rate of 5% in
each of the first 3 years and 6% in each of the final 4 years. In order for tax
credits to be obtained Rockland Trust Community Development Corporation must
enter into an Allocation Agreement with the Treasury Department, make loans in
accordance with regulatory guidelines, and otherwise comply with New Markets Tax
Credit Program requirements.

About Rockland Trust

Rockland Trust Company is a full-service community bank headquartered in
Massachusetts, with approximately $4.6 billion in assets. The sole bank
subsidiary of Independent Bank Corp. (Nasdaq: INDB), Rockland Trust provides a
wide range of consumer, business, investment, and insurance products and
services. Rockland Trust`s network consists of 71 retail branches, 12 commercial
lending centers, and three mortgage banking centers in Eastern Massachusetts;
and four Investment Management Group offices in Massachusetts and Rhode Island.
To find out why Rockland Trust is the bank "Where Each Relationship Matters®",
please visit www.RocklandTrust.com.

This press release contains certain "forward-looking statements" with respect to
the financial condition, results of operations and business of the
Company.Actual results may differ from those contemplated by these
statements.The Company wishes to caution readers not to place undue reliance on
any forward-looking statements.The Company disclaims any intent or obligation to
update publicly any such forward-looking statements, whether in response to new
information, future events or otherwise.

Rockland Trust Company
Investor Contacts:
Chris Oddleifson, 781-982-6660
President and Chief Executive Officer
or
Denis K. Sheahan, 781-982-6341
Chief Financial Officer
or
Media Inquiries:
Ralph Valente, 781-982-6636
Senior Vice President and Director of Marketing
ralph.valente@rocklandtrust.com
or
Joan Reid, 781-982-6537
Public Relations Officer
Joan.Reid@RocklandTrust.com

Copyright Business Wire 2009