Independence Federal Savings Bank

Type: Public
On the web: http://www.ifsb.com
Employees: 32
Employee growth: (8.6%)

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.

Key numbers for fiscal year ending December, 2008:
Sales: $5.2M
One year growth: (8.4%)
Net income: ($1.5)M

Officers:
Chairman: Elliott S. Hall
President and CEO: John A. Hall
CFO: Brenda Watkins Noel

Competitors:
Chevy Chase Bank
IBW Financial
PNC Financial