Independence Savings Bank
Independence Savings Bank is a former
bankbased in Brooklyn, New York.
Originally chartered in 1857 as South Brooklyn Savings Bank. It remained primarily a Brooklyn-based bank and retained its headquarters on Montague Street. In 1975, the name was changed to Independence Savings Bank.
Starting in 1992 it started to expand outside of Brooklyn with the purchases of banks such as Long Island City S&L (NYC), Bay Ridge Federal Savings(Brooklyn) and Staten Island Bank and Trust(NYC). At its height it had $5 billion in deposits and branches throughout New York City, Nassau and Suffolk counties. In 1998 the bank converted to a public stock corporation from a mutual savings bank. [FDIC] By 2005, the banking environment was changing and it couldn't keep up due to its size and decided in September of 2006 to sell itself to
Sovereign Bank. [NYS Banking Department] "'
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