Independence Community Bank Corp.

Industry	Banking
Founded	January 1, 1850; 174 years ago (January 1, 1850)
Defunct	September 9, 2006; 17 years ago (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]

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

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