BROOKLYN HEIGHTS, N.Y., May 11 /PRNewswire/ -- Independence Community Bank
Corp. (Nasdaq: ICBC) announced today that it plans to become a major player in
commercial lending in the New York media market, i.e., Trenton to Hartford to
Suffolk County, supported by its recent New Jersey acquisitions of Broad
National Bancorporation and Statewide Financial Corporation.
The acquisition of both banks complements the Bank's strength as New
York's leading multi-family lender and its emergence as a player in the field
of New York commercial lending. Broad and Statewide bring the critical mass
and infrastructure necessary to accelerate its growth and maximize shareholder
value going forward even after Independence reported a recent strong quarter
and increased its dividend.
Independence will bring its vast expertise to New Jersey's urban markets
where the multi-family lending opportunity is most prevalent. Nearly
150 years of urban lending expertise makes the Bank particularly well-suited
to serving New Jersey's Hudson and Essex counties.
"We look forward to promoting our very competitive multi-family mortgages
products and the relationship-building strengths of our commercial lending
practice to our present customers being served by Broad and Statewide and to
our customers in the future," said Charles J. Hamm, President and CEO of
Independence. "New Jersey customers will get to love their Independence just
as much as their New York neighbors."
Independence Community Bank Corp., the holding company for Independence
Community Bank, has assets of $5.54 billion and stockholders' equity of
$825 million at March 31, 1999. The Bank, which was originally chartered in
1850 in Brooklyn Heights, is the largest bank headquartered in Brooklyn. As a
long-time resident of the Brooklyn community, Independence Community Bank has
grown to 32 full service branch offices throughout the greater New York
metropolitan area by providing services of need to the community as well as
fostering community activities whenever possible.
The merger with Broad and Statewide, subject to regulatory approval, would
expand the bank's network to a total of more than 60 branches throughout the
New York/New Jersey area.
SOURCE Independence Community Bank Corp.
-0- 05/11/99
/CONTACT: Peter Collins of Rubenstein Associates, Inc., 212-843-8050, for
Independence Community Bank Corp.; or Charles Hamm of Independence Community
Bank Corp., 718-722-5300/
(ICBC)
CO: Independence Community Bank Corp.
ST: New York, New Jersey
IN: RLT
SU:
DH
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