Independence Community Bank was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

based in

Brooklyn, New York Brooklyn () is a borough of New York City, coextensive with Kings County, in the U.S. state of New York. Kings County is the most populous county in the State of New York, and the second-most densely populated county in the United States, be ...

. In 2006, the bank was acquired by

Santander Bank Santander Bank, N. A. (), formerly Sovereign Bank, is a wholly owned subsidiary of the Spanish Santander Group. It is based in Boston and its principal market is the northeastern United States. It has $57.5 billion in deposits, operates about ...

History

The bank was originally chartered in 1850 as South Brooklyn Savings Bank.

George A. Jarvis George Atwater Jarvis (March 9, 1806 – May 3, 1893) was an American businessman and philanthropist. Jarvis was successful in retail and wholesale grocery, banking, and insurance industries in New York. He was founder and vice president of Sout ...

was one of the 26 co-founders and was vice president for 33 years.

James S. T. Stranahan James Samuel Thomas Stranahan (April 25, 1808 – September 3, 1898) was a United States Representative from New York, and a municipal official of the City of Brooklyn. Early years Born in Peterboro, Madison County, New York, to Samuel Stran ...

was also a co-founder. 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. Four years later, Independence Savings Bank acquired Bay Ridge Federal Savings Bank for $144 million in cash. In 1998, the bank converted from a

mutual organization A mutual organization, or mutual society is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute to ...

to a

joint-stock company A joint-stock company is a business entity in which shares of the company's capital stock, stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their share (finance), shares (certificates ...

and became a

public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange (l ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

. The same year, the bank changed its name to Independence Community Bank. Independence Community Bank acquired SI Bank & Trust in 2004 and was itself acquired by

two years later.

References

{{Reflist, 1 Banks established in 1850 Defunct banks of the United States Banks disestablished in 2006 1850 establishments in New York (state)