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 | ![]() |
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]