Independence Savings Bank

Independence Community Bank was a bank based in Brooklyn, New York. In 2006, the bank was acquired by Santander Bank.

Independence Community Bank Corp.
IndustryBanking
FateAcquired by Santander Bank
FoundedJanuary 1, 1850 (January 1, 1850)
DefunctSeptember 9, 2006 (September 9, 2006)
HeadquartersBrooklyn, New York
Key people
 Charles J. Hamm, Chairman
Alan H. Fishman, CEO & President
Frank W. Baier, CFO[1]
Total assets $19.083 billion (2005)[1]
Total equity $2.285 billion (2005)[1]
Number of employees
1,974 (2005)[1]
Former South Brooklyn Savings Institution building, now Trader Joe's

History

The bank was originally chartered in 1850 as South Brooklyn Savings Bank.[2] George A. Jarvis was one of the 26 co-founders and was vice president for 33 years. James S. T. Stranahan was also a co-founder.[3]

In 1975, the name of the bank was changed to Independence Savings Bank.[2] The bank acquired Long Island City Savings and Loan Association in 1992.[4] Four years later, Independence Savings Bank acquired Bay Ridge Federal Savings Bank for $144 million in cash.[5][6] In 1998, the bank converted from a mutual organization to a joint-stock company and became a public company via an initial public offering.[7] The same year, the bank changed its name to Independence Community Bank.[2] Independence Community Bank acquired SI Bank & Trust in 2004[8] and was itself acquired by Santander Bank two years later.[2][9]

References
  1. "Independence Community Bank Corp. 2005 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Institution History for INDEPENDENCE COMMUNITY BANK (1003606)". Federal Financial Institutions Examination Council.
  3. "Biographical Sketches of Hezekial Jarvis, Noah Jarvis, George A. Jarvis and Williams Jarvis". Encyclopedia of Contemporary Biography (PDF). Library of Congress. V. Atlantic Publishing and Engraving Company. 1887. p. 14.
  4. "Institution History for BROADWAY BRANCH (856672)". Federal Financial Institutions Examination Council.
  5. "INDEPENDENCE AGREES TO BUY BAY RIDGE BANCORP". The New York Times. June 27, 1995.
  6. "Institution History for BAY RIDGE PARKWAY BRANCH (14276)". Federal Financial Institutions Examination Council.
  7. Ravo, Nick (February 26, 1998). "Depositors Hope for Windfall When Independence Savings Goes Public". The New York Times.
  8. "Institution History for STAPLETON BRANCH (729619)". Federal Financial Institutions Examination Council.
  9. "Sovereign Bancorp to Acquire Independence". Los Angeles Times. Reuters. October 25, 2005.
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