Independence Community Bank was a bank based in Brooklyn, New York. In 2006, the bank was acquired by Santander Bank.
| Industry | Banking |
|---|---|
| Founded | January 1, 1850 |
| Defunct | September 9, 2006 |
| Fate | Acquired by Santander Bank |
| Headquarters | Brooklyn, 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] |
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History
editThe 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
edit- ^ a b c d "Independence Community Bank Corp. 2005 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d "Institution History for INDEPENDENCE COMMUNITY BANK (1003606)". Federal Financial Institutions Examination Council.
- ^ "Biographical Sketches of Hezekial Jarvis, Noah Jarvis, George A. Jarvis and Williams Jarvis". Encyclopedia of Contemporary Biography (PDF). Vol. V. Atlantic Publishing and Engraving Company. 1887. p. 14.
{{cite book}}:|website=ignored (help) - ^ "Institution History for BROADWAY BRANCH (856672)". Federal Financial Institutions Examination Council.
- ^ "INDEPENDENCE AGREES TO BUY BAY RIDGE BANCORP". The New York Times. June 27, 1995.
- ^ "Institution History for BAY RIDGE PARKWAY BRANCH (14276)". Federal Financial Institutions Examination Council.
- ^ Ravo, Nick (February 26, 1998). "Depositors Hope for Windfall When Independence Savings Goes Public". The New York Times.
- ^ "Institution History for STAPLETON BRANCH (729619)". Federal Financial Institutions Examination Council.
- ^ "Sovereign Bancorp to Acquire Independence". Los Angeles Times. Reuters. October 25, 2005.