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Guide to the South Brooklyn Savings Bank records 2007.001

Brooklyn Historical Society
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Brooklyn 11201
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Brooklyn Historical Society

Collection processed by Nicholas Pavlik and John Zarrillo

This finding aid was produced using ArchivesSpace on February 01, 2020
eng using Describing Archives: A Content Standard

 Revised by Maggie Schreiner to incorporate materials found in collection Revised by Maggie Schreiner to incorporate boxes 21 though 60, which were found in collection.   , August 2019 , January 2020

Historical Note

The South Brooklyn Savings Institution was found in Brooklyn, NY, in 1850. The institution formally channged its name to the South Brooklyn Savings Bank in 1930. The bank's main branch was located at the corner of Atlantic Avenue and Court Street. Another major branch was located at 18th Avenue and 65th Street. In 1975, the bank formally changed its name to the Independence Savings Bank. In 1992, "the bank reorganized into [a] mutual holding company." The bank underwent further reorganization 1997, and formally changed its name to Independence Community Bank Corp. Finally, the bank was acquired by Soveriegn Bank in 2006.

Independence Community Bank was founded in Brooklyn, N.Y. in 1850 as The South Brooklyn Savings Institution. It was bought out by Sovereign Bank in 2006. After the buyout, the Brooklyn Historical Society, with the support of the Independence Community Foundation (now the Brooklyn Community Foundation), conducted 16 extended interviews with past and present employees of Independence Community Bank to document the end of the Bank's 155 years based in Brooklyn.

The South Brooklyn Savings Institution was founded in Brooklyn, New York, in 1850. The institution formally changed its name to the South Brooklyn Savings Bank in 1930. The bank's main branch was located at the corner of Atlantic Avenue and Court Street. Another major branch was located at 18th Avenue and 65th Street. The bank expanded throughout the 20th century, with offices located in Brooklyn, Queens, Manhattan, the Bronx, and Nassau County, New York. In 1975, the bank formally changed its name to the Independence Savings Bank. In 1992, "the bank reorganized into [a] mutual holding company." The bank underwent further reorganization in 1997, and formally changed its name to Independence Community Bank Corp. In 2006, the bank was acquired by Sovereign Bancorp, Inc.

Sources

  1. South Brooklyn Savings Bank One Hundredth Anniversary booklet, 1950
  2. Certificate of name change, 1930
  3. Independence Savings Bank financial statement, 1975
  4. Independence Community Bank Corp. - U.S. Securities and Exchange Commission report, 2000