Key Developments For Independence Federal Savings Bank
Independence Federal Savings Bank (IFSB.O) (Consolidated Issue listed on NASDAQ Capital Market)
Independence Federal Savings Bank and ColomboBank To Merge
Independence Federal Savings Bank announced that it has entered into a definitive merger agreement with Colombo Bancshares, Inc., parent of ColomboBank. In the transaction, ColomboBank will be merged into Independence Federal and each of the outstanding shares of Colombo Bancshares Class A and Class B common stock will be converted into the right to receive 2.819 shares of Independence Federal common stock. The transaction is expected to be completed by the end of the second quarter of 2009. More than 90% of the outstanding shares of Colombo Bancshares stock are owned by Independence Federal director and majority owner Morton A. Bender and members of his family.
Independence Federal Savings Bank Announces New Appointments
Independence Federal Savings Bank announced that 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 new CFO of the thrift. At the recent stockholders meeting, Douglas Grayson, CPA was elected to the board. He will serve as Chairman of the Audit Committee. Hall and Watkins Noel replace Robert Isard who has been the acting CEO and CFO of the bank since March 2007.
Independence Federal Savings Bank Announces New Chairman Appointments
Independence Federal Savings Bank announced that the Board of Directors has voted Mr. Elliott S. Hall as the Chairman of the Board, replacing Ms. Carolyn D. Jordan.
Independence Federal Savings Bank and Carver Bancorp End Merger Agreement
Independence Federal Savings Bank (IFSB) and Carver Bancorp announced that they have mutually agreed to terminate the merger agreement between the two institutions. Carver and IFSB said they took this step as a result of the Office of Thrift Supervision's (OTS) recent denial of Carver's application to consummate the merger agreement. The merger agreement was subject to, among other things, approval by the OTS.
Carver Bancorp Comments on Office of Thrift Supervision Decision Regarding Merger with Independence Federal Savings Bank
Carver Bancorp, Inc. announced that it has been advised by the federal Office of Thrift Supervision (OTS) that the OTS has denied Carver's application to consummate the merger agreement between Carver and Independence Federal Savings Bank (IFSB). That merger agreement is subject to, among other things, approval by the OTS. Accordingly, absent a change of the OTS's position, the proposed merger between Carver and IFSB cannot proceed.
