| Independence Community Bank Corp. | |
| Industry: | Banking |
| Fate: | Acquired by Santander Bank |
| Location: | Brooklyn, New York |
| Key People: | [1] |
| Assets: | $19.083 billion (2005) |
| Equity: | $2.285 billion (2005) |
| Num Employees: | 1,974 (2005) |
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. 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. Independence Community Bank acquired SI Bank & Trust in 2004[8] and was itself acquired by Santander Bank two years later.[9]