PRESS RELEASE
For more information contact
:
Colombo Bank
Gilbert F. Kennedy, III
14801 Southlawn Lane President and CEO
Rockville, Maryland 20850 240-268-2266
Gkennedy@ColomboBank.com
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
.
