| Industry | Banking |
|---|---|
| Fate | Acquired by Santander Bank |
| Founded | January 1, 1850 |
| Defunct | September 9, 2006 |
| Headquarters | Brooklyn, New York |
Key people | Charles J. Hamm, Chairman Alan H. Fishman, CEO & President Frank W. Baier, CFO [1] |
| Total assets |  |
| Total equity |  |
Number of employees | 1,974 (2005) [1] |
Independence Community Bank was a bank based in Brooklyn, New York. In 2006, the bank was acquired by Santander Bank.
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]
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