Independence Federal Savings Bank · Washington, DC United States ·(NASDAQ (CM): IFSB)
Company Description
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This link will open in a new window Founded in 1968 to provide loans to African-Americans living in Washington, DC, Independence Federal Savings Bank continues that mission today. The bank operates branches in the US capital and nearby in Maryland. Although most of its loan portfolio consists of mortgages secured by single-family homes, the bank also focuses on providing guaranteed student loans through Sallie Mae . Its deposit products include checking and savings accounts, money market accounts, and CDs. DC-area developer Morton Bender is Independence Federal's majority shareholder following a protracted court battle over the purchase. To read the full description, subscribe now.
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Key Independence Federal Savings Bank Financials
| Company Type | Public - NASDAQ (CM): IFSB Headquarters |
| Fiscal Year-End | December |
| 2008 Sales (mil.) | $5.2 |
| 2008 Employees | 32 |
Independence Federal Savings Bank Executives
17 executives listed for Independence Federal Savings Bank's Washington, DC location.
| Title | Name & Bio | Contact |
| Chairman | Elliott Hall | Network |
| Vice Chairman | Robert Isard | Network |
| President and CEO | John Hall | Network |
Competition
Competitive Landscape for Independence Federal Savings Bank
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Independence Federal Savings Bank Competitors
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