Independence Savings Bank

Former South Brooklyn Savings Institution building, now Trader Joe's

Independence Savings Bank is a former bank based in Brooklyn, New York.

Originally chartered in 1857 as South Brooklyn Savings Bank,[lower-alpha 1] it remained primarily a Brooklyn-based bank and retained its headquarters on Court 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.[2] By 2005, the banking environment was changing and it couldn't keep up due to its size and decided in September 2006 to sell itself to Sovereign Bank.[3]

Notes

  1. ↑ George A. Jarvis was one of the 26 co-founders and was vice president for 33 years. Other co-founders included David B. Baylis and James S. T. Stranahan.[1]

References

  1. ↑ "Biographical Sketches of Hezekial Jarvis, Noah Jarvis, George A. Jarvis and Williams Jarvis". Encyclopedia of Contemporary Biography (PDF). Library of Congress (memory.loc.gov). V. New York: Atlantic Publishing and Engraving Company. 1887. p. 14. Retrieved October 5, 2016.
  2. ↑ FDIC
  3. ↑ NYS Banking Department


This article is issued from Wikipedia - version of the 10/5/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.