South Brooklyn Savings Bank
| 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 |
| Total assets |
 $19.083 billion (2005) |
| Total equity |
 $2.285 billion (2005) |
|
Number of 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.
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.
In 1975, the name of the bank was changed to Independence Savings Bank.
In 1992, the bank acquired Long Island City Savings and Loan Association.
In 1996, the bank acquired Bay Ridge Federal Savings Bank for $144 million in cash.
In 1998, the bank converted from a mutual organization to a and became a public company via an initial public offering. The bank changed its name to Independence Community Bank.
In 2004, the company acquired SI Bank & Trust.
In 2006, the bank was acquired by Santander Bank.
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