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Independence Federal Savings Bank (IFSB) is in the Financial Services Industry

Revenue
Dec 31 2006
$12.3M
Profit
Dec 31 2006
($2.8M)
Market Cap
Oct 08 2008
$4.4M

Latest News and Analysis

  • Independence Federal Announces Lifting of OTS Cease and Desist Order and Troubled Condition Letter

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that it has been notified by the Office of Thrift Supervision (the "OTS") that the OTS has terminated the cease and desist order under which the Bank has operated since June 2006 and the Troubled Condition Letter under which...

    Articles 2008-04-15

  • Takeover of Independence Bank: white shareholder holds the future for institution

    THE DAYS OF INDEPENDENCE federal Savings Bank (No. 14 on the BE BANKS list with $161 million in assets) as one of the nation's largest black-owned banks may be numbered. Morton Bender, a white shareholder who now owns 21% of the historically black institution, has received authority to acquire as...

    Articles 2007-09-01

  • Independence Federal Announces Receipt of OTS Approvals for New Directors

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or the "Bank") (Nasdaq:IFSB) announced today that the Office of Thrift Supervision (the "OTS") has approved the appointments of Morton A. Bender and John Jenkins to the Bank's Board of Directors. Mr. Bender, who currently owns approximately...

    Articles 2007-07-20

  • Independence Federal Announces New Appointments

    WASHINGTON -- Elliott Hall, Chairman of the Board, today announced the long awaited organizational realignment of Independence Federal Savings Bank. The Board of Directors has recruited and elected John A. Hall of Miami, Florida as the new President and CEO. The Board also elected Brenda Watkins Noel, CPA, as the...

    Articles 2007-06-01

  • Independence Federal Announces Annual Meeting Results

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that at its Annual Meeting of Stockholders held on May 18, 2007, Arturo Brillembourg, Nelson Deckelbaum, Elliot S. Hall, Robert B. Isard, Lisa E. Gordon-Hagerty and Douglas D. Grayson were elected as directors of the Bank....

    Articles 2007-05-22

  • Independence Federal Announces Receipt of OTS Approval for New Director

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq: IFSB) announced today that the Office of Thrift Supervision (the "OTS") has approved the Bank's appointment of Douglas D. Grayson to the Board of Directors. About Independence Federal Savings Bank Independence Federal Savings Bank was chartered in...

    Articles 2007-05-04

  • Independence Federal Announces Change in Annual Meeting Date

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that its annual meeting of shareholders has been changed from Monday, May 14, 2007 to Friday, May 18, 2007. The meeting will be held at the Washington Plaza, 10 Thomas Circle, N.W., Washington, D.C., at 9:00...

    Articles 2007-04-18

  • Independence Federal Announces Nasdaq Grants Request for Continued Listing

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq: IFSB) announced today that it received notification from The Nasdaq Listing Qualifications Panel that the Nasdaq has granted the Bank's request for continued listing on The Nasdaq Stock Market, subject to the condition that the Bank inform the...

    Articles 2007-04-17

  • Independence Federal Adds Two Directors

    Lisa Gordon-Hagerty and Arturo Brillembourg Add Broad Range of Experience to Washington, D.C.-based Bank's Board WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that the Office of Thrift Supervision (the "OTS") has approved the Bank's appointment of Lisa Gordon-Hagerty to its Board...

    Articles 2007-04-12

  • Independence Federal Announces Modification of Injunction Lifting Prohibition on the Bank from Disseminating Proxy Materials and Holding Shareholders' Meeting and Other Events

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that the United States District Court for the District of Columbia has modified the Court's July 21, 2006 Order, enjoining the Bank and other defendants from disseminating proxy materials and holding a shareholders meeting, to eliminate...

    Articles 2007-02-27

  • Independence Federal Announces Receipt of OTS Approval for New Director; Cure of Nasdaq Audit Committee Deficiency

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced today that, the Office of Thrift Supervision (the "OTS") has approved the Bank's appointment of Arturo Brillembourg to the Board of Directors and that the Board has appointed Mr. Brillembourg and Chairman Elliott S. Hall to its...

    Articles 2007-02-21

  • Independence Federal Announces Receipt of Nasdaq Staff Deficiency Letter

    WASHINGTON -- On January 10, 2007, Independence Federal Savings Bank (the "Bank") (Nasdaq:IFSB) announced that, due to David W. Wilmot's resignation from the Board of Directors, it is not in compliance with Nasdaq Stock Market Rule 4350d(2)A, which requires a listed company's audit committee to be comprised...

    Articles 2007-01-29

  • Independence Federal Announces Director Resignations and Receipt of Nasdaq Delisting Notice

    WASHINGTON -- Independence Federal Savings Bank (the "Bank") (Nasdaq: IFSB) announced today that David W. Wilmot and Carolyn D. Jordan have recently resigned from the Bank's Board of Directors. Mr. Wilmot's resignation was effective January 4, 2007. He had served as a Director of the Bank since...

    Articles 2007-01-10

  • Independence Federal under mounting pressure; survival of black-owned thrift uncertain

    Independence Federal Savings Bank (No. 13 on the BE BANKS list with $167 million in assets) is facing a lawsuit by its largest shareholder even while it faces demands from regulators to clean up its act. Morton A. Bender, a vocal critic of Independence who...

    Articles 2006-11-01

  • Independence Federal Announces New Audit Committee Appointments

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or the "Bank") (Nasdaq:IFSB) announced today that, on October 18, 2006, its Board of Directors appointed two independent directors, John Silvanus Wilson, Jr. and David W. Wilmot, Esq., to the Bank's audit committee, replacing Michael J. Cobb and Carolyn...

    Articles 2006-10-25

  • Independence Federal Announces Change in Composition to its Board of Directors

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or the "Bank") (Nasdaq:IFSB) previously disclosed in a Current Report on Form 8-K filed on September 25, 2006 that Mr. Michael J. Cobb, who was both the audit committee financial expert, as well as one of three members of...

    Articles 2006-10-11

  • Independence Federal Announces Director Resignations and New Chairman Appointments

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or the "Bank") (Nasdaq:IFSB) announced today that Eugene K. Youngentob and William B. Fitzgerald, IV have recently resigned from the Bank's Board of Directors. Mr. Youngentob, whose resignation was effective August 14, 2006, had previously announced on March 2, 2006, that he...

    Articles 2006-08-18

  • Independence Federal Announces Election Results of Its Special Meeting Held October 26, 2005

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or "IFSB") (Nasdaq:"IFSB") announced today the election results of its Special Meeting of Shareholders held at The Mayflower Hotel on October 26, 2005. The following three director nominees were elected to IFSB's Board of Directors: William B. Fitzgerald, IV and David W....

    Articles 2005-10-28

  • Independence Federal Postpones the Special Meeting in Lieu of the Annual Meeting of Shareholders Scheduled for September 14, 2005

    WASHINGTON -- Independence Federal Savings Bank ("Independence Federal" or "IFSB") (Nasdaq: "IFSB") announced today that the Board of Directors of Independence Federal has determined to postpone the special meeting in lieu of the annual meeting of shareholders of Independence Federal scheduled for September 14, 2005. The Board recently received information...

    Articles 2005-09-12

  • Independence Federal Savings Bank Notice to Shareholders

    The 2005 Annual Meeting of Shareholders of Independence FederalSavings Bank (Nasdaq:IFSB) that was adjourned on May 11, 2005 to bereconvened on June 8, 2005, or such other date as IndependenceFederal's board of directors should subsequently announce, will not bereconvened on June 8, 2005. The board of directors has determined thatthe...

    Articles 2005-05-31

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  • Incorporated: 1968
  • Employees: 46

Independence Federal Savings Bank ("The Bank") is a federal stock savings bank. The Bank is engaged primarily in originating one- to four-family residential real estate loans in Washington, D.C. The Bank also participates in the Sallie Mae Guaranteed Student Loan Program as a lender and provides data processing to the District of Columbia's Department of Housing and Community Development. Co. obtains funds in the form of deposits and other borrowings and invests funds primarily in residential real estate loans, guaranteed student loans, mortgage-backed sucurities and government agency securities. As of Dec 31 2006, Co. had total assets of $160,838,000 and total deposits of $140,093,000.

Key Competitors

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Independence Federal Savings Bank Company Info

Board of Directors

Jeanus B. Parks Esq. Jr.

Chmn.

Michael J. Cobb CPA

William B. Fitzgerald IV

Carolyn D. Jordan Esq.

Vice-Chmn.

David W. Wilmot Esq.

Eugene K. Youngentob

Nelson Deckelbaum Esq.

Elliott S. Hall Esq.

Robert B. Isard

Contact Information

1229 Connecticut Ave., N.W.

Washington, DC

http://www.ifsb.com

202 628-5500

NAICS Code

Savings Institutions: 522120

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