Independent Bank Corp (INDB) will raise its quarterly dividend by 4.5 percent to $0.46 per share in 2020. This marks the 10th consecutive year of dividend increases by the bank holding company and follows last year's 15.8 percent dividend increase.

The next dividend is payable on April 9, 2020, to stockholders of record as of the close of business on March 30, 2020. A new annual rate of $1.84 per share yields 2.9% at a stock price of $64.

“The current environment is unprecedented," stated Chris Oddleifson, Chief Executive Officer of Independent Bank Corp in the company's press release announcing this dividend hike. "While current uncertainties pose formidable challenges, we remain confident in the underlying strength of our franchise and are pleased to reward our loyal shareholders with a dividend increase."

Independent Bank Corp. is a bank holding company. INDB is the sole stockholder of Rockland Trust Company, a community-oriented commercial bank. The Company's community banking business provides a range of banking services, including lending activities, acceptance of demand, savings, and time deposits, and investment management.