Independence Community Bank Corp. to Acquire Summit Bank's Mortgage Banking Finance Group

Apr 02, 2001, 01:00 ET from Independence Community Bank Corp.

    NEW YORK, April 2 /PRNewswire/ --
 Independence Community Bank Corp. (Nasdaq:   ICBC), announced today that its
 wholly owned subsidiary, Independence Community Bank, entered into an
 agreement to acquire the assets and personnel of Summit Bank's Mortgage
 Banking Finance Group (as of March 1, 2001, a part of FleetBoston Financial
 Corporation), a specialized lending group providing mortgage warehouse lines
 of credit to mortgage bankers in the tri-state area.  The acquisition is
 expected to be completed in mid-April 2001.  Employees of the acquired
 mortgage banking financial group will join Independence at that time.
     This acquisition will substantially increase the strength and resources of
 Independence's current mortgage warehouse operation through the addition of
 eight professionals and more than $127 million in warehouse lines, including
 $65 million in outstanding advances.
     Independence Community Bank currently provides mortgage warehouse lines of
 credit and deposit services to mortgage bankers headquartered in New England
 and the Mid-Atlantic through its mortgage warehouse funding operation.  The
 mortgage warehouse lines of credit are extended to mortgage banking companies
 to fund the origination of mortgages, primarily one-to-four family loans.
 Upon completion of the acquisition, Independence Community Bank's mortgage
 warehouse funding operation will be one of the largest providers of mortgage
 warehouse credit in its market niche with lines totaling more than
 $400 million to over seventy clients.  In fiscal 2001, the Company increased
 its outstanding mortgage warehouse lines of credit by more than $130.0 million
 or 261%.
     Alan Fishman, President and Chief Executive Officer of Independence
 Community Bank Corp., commenting on the acquisition, stated, "This acquisition
 provides us an even greater advantage in this attractive market.  We are now
 even better positioned to grow our mortgage warehouse lines of credit
 business, which has been and continues to be a strategic focus for the bank."
     Independence Community Bank Corp. is the holding company for Independence
 Community Bank. The Bank, originally chartered in 1850, currently operates
 67 full service branches located in the greater New York City metropolitan
 area, which includes the five boroughs of New York City, Nassau County and
 northern New Jersey.  The Bank has three key business divisions: Commercial
 Real Estate Lending, Consumer Banking and Business Banking.  The Bank strives
 to maintain its community orientation by offering the urban, ethnically
 diverse communities in which it operates a wide range of products and by
 emphasizing customer service, superior value and convenience.  The Bank's web
 address is http://www.icbny.com.
 
     Statements contained in this news release which are not historical facts
 are forward-looking statements as that term is defined in the Private
 Securities Litigation Reform Act of 1995.  Such forward-looking statements are
 subject to risks and uncertainties which could cause actual results to differ
 materially from those currently anticipated due to a number of factors.
 Factors which could result in material variations include, but are not limited
 to, changes in interest rates which could affect net interest margins and net
 interest income; competitive factors which could affect net interest income
 and non-interest income, general economic conditions which could affect the
 volume of loan originations, deposit flows, real estate values, the levels of
 non-interest income and the amount of loan losses as well as other factors
 discussed in documents filed by the Company with the Securities and Exchange
 Commission from time to time.  The Company undertakes no obligation to update
 these forward looking statements to reflect events or circumstances that occur
 after the date on which such statements were made.
 
 

SOURCE Independence Community Bank Corp.
    NEW YORK, April 2 /PRNewswire/ --
 Independence Community Bank Corp. (Nasdaq:   ICBC), announced today that its
 wholly owned subsidiary, Independence Community Bank, entered into an
 agreement to acquire the assets and personnel of Summit Bank's Mortgage
 Banking Finance Group (as of March 1, 2001, a part of FleetBoston Financial
 Corporation), a specialized lending group providing mortgage warehouse lines
 of credit to mortgage bankers in the tri-state area.  The acquisition is
 expected to be completed in mid-April 2001.  Employees of the acquired
 mortgage banking financial group will join Independence at that time.
     This acquisition will substantially increase the strength and resources of
 Independence's current mortgage warehouse operation through the addition of
 eight professionals and more than $127 million in warehouse lines, including
 $65 million in outstanding advances.
     Independence Community Bank currently provides mortgage warehouse lines of
 credit and deposit services to mortgage bankers headquartered in New England
 and the Mid-Atlantic through its mortgage warehouse funding operation.  The
 mortgage warehouse lines of credit are extended to mortgage banking companies
 to fund the origination of mortgages, primarily one-to-four family loans.
 Upon completion of the acquisition, Independence Community Bank's mortgage
 warehouse funding operation will be one of the largest providers of mortgage
 warehouse credit in its market niche with lines totaling more than
 $400 million to over seventy clients.  In fiscal 2001, the Company increased
 its outstanding mortgage warehouse lines of credit by more than $130.0 million
 or 261%.
     Alan Fishman, President and Chief Executive Officer of Independence
 Community Bank Corp., commenting on the acquisition, stated, "This acquisition
 provides us an even greater advantage in this attractive market.  We are now
 even better positioned to grow our mortgage warehouse lines of credit
 business, which has been and continues to be a strategic focus for the bank."
     Independence Community Bank Corp. is the holding company for Independence
 Community Bank. The Bank, originally chartered in 1850, currently operates
 67 full service branches located in the greater New York City metropolitan
 area, which includes the five boroughs of New York City, Nassau County and
 northern New Jersey.  The Bank has three key business divisions: Commercial
 Real Estate Lending, Consumer Banking and Business Banking.  The Bank strives
 to maintain its community orientation by offering the urban, ethnically
 diverse communities in which it operates a wide range of products and by
 emphasizing customer service, superior value and convenience.  The Bank's web
 address is http://www.icbny.com.
 
     Statements contained in this news release which are not historical facts
 are forward-looking statements as that term is defined in the Private
 Securities Litigation Reform Act of 1995.  Such forward-looking statements are
 subject to risks and uncertainties which could cause actual results to differ
 materially from those currently anticipated due to a number of factors.
 Factors which could result in material variations include, but are not limited
 to, changes in interest rates which could affect net interest margins and net
 interest income; competitive factors which could affect net interest income
 and non-interest income, general economic conditions which could affect the
 volume of loan originations, deposit flows, real estate values, the levels of
 non-interest income and the amount of loan losses as well as other factors
 discussed in documents filed by the Company with the Securities and Exchange
 Commission from time to time.  The Company undertakes no obligation to update
 these forward looking statements to reflect events or circumstances that occur
 after the date on which such statements were made.
 
 SOURCE  Independence Community Bank Corp.