Colombo Bank (fka IFSB)

[Renee]

IFSB: Cash & Stock merger; IFSB acquired by FVCBankcorp, Inc. (NASDAQ: FVCB); for every 1 share of IFSB shareholders have the right to receive both a) $0.053157 in cash and b) 0.002217 shares of FVCB

FINRA deleted symbol:

http://otce.finra.org/DLDeletions

[genlou]

Loss so far for the year... Net Income (1,078).

http://www.ibanknet.com/scripts/callreports/getbank.aspx?ibnid=usa_695077

[genlou]

Salty,

Thank you.Let's see if IFSB was profitable last quarter.When the bank become profitable I may purchase shares.

[SaltyMutt]

I called IFSB today and according to the person I spoke with the bank never took TARP.

[SaltyMutt]

TY for bringing IFSB back to my attention Gen. I can't see where the bank owes TARP but I will call Monday and find out for sure. They did lose a ton of money last quarter, 660K, but do seem to be in remarkably good shape. In fact, it's hard to believe the bank could be in as good a shape as it's in considering all it has done as of late is tread water in a sea of red. I assume they must have had a very high book value at one point but that has to be slipping away. I'll let you know what I find out about the TARP situation as soon as I talk with someone at the bank.


Hope you have a great weekend planned.

[genlou]

Salty,

Check this out.How can a bank losing money have an A rating.

https://www.depositaccounts.com/banks/colombo-bank-dc.html

[genlou]

PRESS RELEASE
For more information contact
:
Colombo Bank
Gilbert F. Kennedy, III
14801 Southlawn Lane President and CEO
Rockville, Maryland 20850 240-268-2266
[e-mail]
FOR IMMEDIATE RELEASE
Independence Federal Savings Bank
and
Colombo Bank Complete Merger
Rockville, Md., November 29, 2013 -- The merger of
Independence Federal Savings Bank (OTCQB:
IFSB) and Colombo Bank was completed after close of
Business on Wednesday, November 27, 2013. In
the transaction, Colombo Bancshares, Inc., the hold
ing company for Colombo Bank, merged into a
wholly owned subsidiary of Independence, and Colomb
o Bank merged into Independence, which changed
its name to Colombo Bank. Based on the total asset
s of each institution as of October 31, 2013, the
combined bank has total assets of approximately $21
0 million.
Upon completion of the merger, the outstanding shar
es of Colombo Bancshares Class A common stock
and Class B common stock converted into the right t
o receive shares of Independence common stock
calculated on a book value basis, as defined in the
merger agreement. Pursuant to the merger agreemen
t,
Morton A. Bender, the majority stockholder of Indep
endence and Colombo Bancshares and the sole
holder of Independence preferred stock and Colombo
Bank preferred stock, exchanged his preferred
shares for shares of Independence common stock, als
o on a book value basis. As a condition to closing
,
in order to strengthen the capital position of the
combined institution, Mr. Bender today made an
additional common equity investment in Independence
of $8.7 million. Shares of Independence common
stock that were issued and outstanding immediately
prior to the merger remain issued and outstanding a
nd
were not changed by the merger.
“We are excited with the merger between Independenc
e Federal Savings Bank and Colombo Bank. Our
respective institutions have been closely aligned o
ver the years. Our values, heritage, and foundatio
n
have been in concert. I am looking forward to broa
dening our products and services to our existing an
d
prospective customers”, said Gil Kennedy, President
and CEO of Colombo Bank.
Gilbert F. Kennedy, III will hold the position of P
resident and CEO. James Uveges, will remain as
Executive Vice President and Chief Financial Office
r. John Shroads remain as Executive Vice President
and Chief Credit Officer. Gerald Muccioli will rem
ain as Executive Vice President and Chief Lending
Officer.
At the completion of the merger, Colombo Bank will
operate seven (7) full service banking offices in
Greater Washington DC and Greater Baltimore markets
. The merger will not result in any changes to
Branch Services and Hours. Please visit Colombo Ban
k’s website,
www.ColomboBank.com
, for times
and locations.
Colombo Bank will continue to offer a variety of tr
aditional Commercial, Residential Mortgage and
Consumer Loan and Deposit products to its customers
.

[genlou]

Hi Salty,
Do you believe ISFB will survive? Do ISFB owe tarp? Colombo bank is still unprofitable. Yet, the number of negative assets are decreasing.

[SaltyMutt]

IFSB

Company Background

Colombo Bank, formerly Independence Federal Savings Bank (the Bank) is a federal-chartered savings association. The Bank's principal business is obtaining funds in the form of deposits and other borrowings and investing such funds in residential real estate loans, guaranteed student loans, mortgage-backed securities, government agency securities, and consumer loans, commercial loans and construction loans. The Bank's geographic market area extends throughout the greater Washington metropolitan area, including suburban Maryland and Northern Virginia.

http://www.colombobank.com