ICBC Independence Community Bank (MM)

Independence Community Bank Corp. Announces Twelfth Stock Repurchase Program BROOKLYN, N.Y., May 27 /PRNewswire-FirstCall/ -- Independence Community Bank Corp. (NASDAQ:ICBC), announced today that its Board of Directors has approved the commencement of its twelfth stock repurchase program of up to an additional five million shares of the Company's outstanding common stock. The Company's twelfth repurchase program will commence upon completion of its eleventh repurchase program, under which approximately one million shares remain to be purchased. Repurchases will be made by the Company from time to time in open-market transactions as, in the opinion of management, market conditions warrant. Independence Community Bank Corp. is the holding company for Independence Community Bank. The Bank, originally chartered in 1850, currently operates 123 branches located in the greater New York City metropolitan area, which includes the five boroughs of New York City, Nassau and Suffolk Counties and New Jersey. At its banking offices located on Staten Island, the Bank conducts business as SI Bank & Trust, a division of Independence Community Bank. The Bank has three key business divisions: Commercial Real Estate Lending, Consumer Banking and Business Banking and is actively targeting small and mid-size businesses. The Bank maintains its community orientation by serving its urban communities with a wide range of financial products and by emphasizing customer service, superior value and convenience. The Bank's web address is http:///www.myindependence.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. DATASOURCE: Independence Community Bank Corp. CONTACT: Kathleen A. Hanrahan, First Vice President, +1-718-722-5400, or Frank W. Baier of Chief Financial Officer, +1-718-923-3506, both of Independence Community Bank Corp. Web site: http://www.myindependence.com/

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