President's Message

To Our Valued Customers:

On February 11, 2009, Independence Federal Savings Bank and Colombo Bank entered into a definitive merger agreement pursuant to which the two banks will merge, subject to regulatory approval, and the approval of the shareholders of both Independence Federal and Colombo Bancshares, Inc. Independence Federal will be the surviving entity.

I will remain at Independence Federal, working with Lester W. Johnson, who will be named its President & CEO after the merger. Our managers and staff will continue with the bank, as well as all of the officers and managers of Colombo Bank. This merger will allow Independence Federal to double in size and achieve certain economies of scale. Both banks are well capitalized and well managed.

Independence Federal will continue to be financially strong, but able to provide more financial products and services as well as the convenience of having nine full-service office locations in the District of Columbia and Maryland.

We will continue to serve our customers in the best manner possible. Please join us in celebrating this milestone for your bank.

Should you have any questions, please do not hesitate to contact me at (202) 628-5500 or bisard@ifsb.com.

Sincerely,

Robert B. Isard
Acting President & Chief Executive Officer