President's Message

Dear Fellow Customers, Shareholders and Neighbors:

In 1968, with the Nation’s Capital still smoldering from terrible riots, visionary leaders of our community founded Independence Federal Savings Bank. And while their purpose was to unite Washingtonians, the core mission of the Bank was very simple: provide banking services and access to fair credit for minorities, working women, homebuyers and local businesses. William “Bill” Fitzgerald, III championed the Bank’s mission, and in 2007, that mission has not changed.

Despite the challenges of the last few years, it remains Management and the Board of Director’s imperative to make the Bank stand alone, profitable and in compliance with regulatory directives. The Bank is currently engaged in a substantial modification of its operations, including (1) molding staff to a core of professionals, (2) streamlining functions to greater efficiency and customer service, (3) enhancing products for depositors big and small, for businesses big and small, and for both homebuyers and local commercial firms revitalizing neighborhoods, (4) developing a loan department with highly-qualified loan personnel to offer and administer a greater range of products as well as to provide expert portfolio management, and (5) ensuring that any regulatory and internal governance issues are resolved. And thus, the mission has not changed.

Accordingly, we remain committed to enhancing shareholder value, increasing the efficiency and accountability of our operations and providing better products and services. Moreover, we have pledged ourselves to the work begun in 1968: fair and equitable access to financial services and loans for women, for minorities, for homebuyers, for small businesses, for our neighbors.

On behalf of the Board of Directors, we thank you for your continued support. And remember, the mission has not changed, nor have we any plans to change it.

Sincerely,

John A. Hall
President & Chief Executive Officer

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