Rockland-based Independent Bank Corp., parent of Rockland Trust Co., will repay all of the approximately $78 million preferred stock investment which the United States Department of Treasury made in Independent Bank Corp. on Jan. 9, pursuant to the Capital Purchase Program.

"Banking regulators urged healthy banks to participate in the Capital Purchase Program to help the nation’s economy," said Christopher Oddleifson, president and chief executive officer of Independent Bank Corp. and Rockland Trust, "and we voluntarily agreed to enroll in the program last fall on that basis. CPP participation, however, came to have a stigma associated with it, with media coverage mischaracterizing the program as a bailout and altogether ignoring the ongoing expense associated with receipt of a CPP investment."

The bank also said that "CPP rules were significantly changed midstream in ways that limited the bank’s ability to effectively serve customers, support communities, and run its business."

After considering these factors, the board of directors unanimously determined that it would be in the best interests of shareholders, customers, communities and employees to repay the CPP investment.