Independence Community Bank Announces Major Restructuring with Enhanced Focus on Customer Service

Strategic Insights -

Independence Community Bank, a leading financial institution in the New York metropolitan area, has undertaken a significant organizational restructuring to bolster its customer focus, expand commercial and consumer operations, and capitalize on the growth opportunities in Northern New Jersey. The bank has successfully integrated the acquisition of Broad National Bank, a move that has more than doubled its assets and deposits. With a strengthened leadership team and three separate operating divisions, Independence is poised to deliver exceptional service and support to its clients.

Key Takeaways:

  • Independence Community Bank has restructured its organization to enhance customer focus and expand commercial and consumer operations.
  • The bank has three separate operating divisions, each led by a President with extensive industry experience: Joseph S. Morgano for Commercial Real Estate Lending, Terence J. Mitchell for Consumer Banking, and John A. Dorman for Business Banking.
  • The Commercial Real Estate Lending Division will concentrate on multi-family lending, a historic strength of Independence, with a focus on serving the New York metropolitan area and Northern New Jersey.
  • The Consumer Banking Division will oversee a multi-cultural branch network and consumer lending, covering home equity, residential mortgage loans, student loans, and personal lending.
  • The Business Banking Division aims to provide commercial lending and business expansion assistance to small businesses in Northern New Jersey, capitalizing on the region's growth opportunities.
  • The bank has appointed a diverse team of senior managers to support corporate banking services.
  • The result of this restructuring is expected to continue the dramatic earnings increases experienced since Independence converted to a public corporation in March 1998.

Statistics:

  • Independence Community Bank now has assets in excess of $6.2 billion.
  • The bank operates more than 50 banking offices in the greater New York Metropolitan area, including Northern New Jersey.
  • The Consumer Banking Division oversees a multi-cultural branch network and offers various consumer lending options.
  • The Business Banking Division targets small businesses in Northern New Jersey for commercial lending and business expansion assistance.
  • The bank's leadership team has over 150 years of combined experience in the banking industry.

Sources:

  • Independence Community Bank Corp. press release (Aug. 31) [1]
  • Nasdaq: ICBC [2]
  • PRNewswire [3]