Independence Federal Postpones the Special Meeting in Lieu of the Annual Meeting of Shareholders Scheduled for September 14, 2005.WASHINGTON -- Independence Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks ("Independence Federal" or "IFSB IFSB Islamic Financial Services Board (Malaysia) ") (Nasdaq: "IFSB") announced today that the Board of Directors of Independence Federal has determined to postpone the special meeting in lieu of the annual meeting of shareholders of Independence Federal scheduled for September 14, 2005. The Board recently received information regarding a filing by Morton Bender of an application to increase his percentage ownership in IFSB to 51% and to exercise more control over IFSB. The Board has determined that it is necessary for shareholders to be presented with information regarding Mr. Bender's plans with respect to IFSB for their consideration prior to their voting on the matters to be considered at the meeting. The meeting has been rescheduled for October 26, 2005. About Independence Federal Savings Bank Independence Federal Savings Bank was chartered in 1968. Independence Federal became a public company in 1985. As of June 30, 2005, Independence Federal had approximately $166.2 million in total assets and $17.3 million of total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. . It currently has approximately 46 employees. For more information about Independence Federal Savings Bank, please visit http://www.ifsb.com. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offer of securities will be made only by an offering circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. filed by Independence Federal with the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. ("OTS See Office of Thrift Supervision. "). This document may be deemed to be solicitation material in respect of the proposed matters to be considered at the special meeting. STOCKHOLDERS OF INDEPENDENCE FEDERAL ARE ENCOURAGED TO READ THE PROXY STATEMENT Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. AND OTHER RELEVANT DOCUMENTS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE MATTERS TO BE CONSIDERED AT THE SPECIAL MEETING. Investors and security holders may obtain the documents free of charge from Independence Federal Savings Bank by either mailing a written request to 1229 Connecticut Avenue, N.W., Washington, D.C. 20036, Attention: Investor Relations or calling the Corporate Secretary of the Bank at (202) 628-5500. |
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