Independent Bank gets early OK for $78m from US

Rockland Trust’s parent, Independent Bank Corp., said it has won preliminary approval to receive $78 million in taxpayer funds under the government’s capital purchase program for banks.

President Chris Oddleifson said the bank was already well capitalized but sought the $78 million because of the low cost — a 5 percent dividend payment to the Treasury Department.

The bank plans to expand a program to assist first-time homebuyers and to expand commercial lending. It will also put a 60-day moratorium on foreclosure proceedings, which involve fewer than 10 of about 2,500 consumer mortgages it has issued.

‘‘We don’t consider this a rescue,’’ Oddleifson said. ‘‘They’re investing in us, and we can be their agent in helping get this money out to the community.’’

The government has already injected $2 billion in State Street Corp. and $153 million in Boston Private Financial Holdings, among other Massachusetts institutions.
(By Ross Kerber, Globe staff)