Thomas Batties, president and CEO of Independence Federal Savings Bank — a Washington-based lender specializing in loans for minorities — announced his resignation Wednesday. Batties, who will step down on July 30, guided the organization through a turbulent three years that included a collapsed merger with another bank and an attempted hostile takeover.
Batties said he was leaving to pursue other business interests but declined to give any details. He will serve as a consultant for six months to guide the transition. The bank’s CFO E. Leroy Morris will serve as interim president.
Independence Federal Savings was founded in 1968 following the D.C. race riots as a place where blacks and other minorities turned away from mainstream banks could secure a loan.
The bank continues to focus on minority lending because discrimination is “absolutely” still a problem today, saidBatties.
Batties steered Federal Independence through an attempted merger with Carver Federal Savings Bank, which would have created the nation’s largest black-owned bank with just under $1 billion in assets. At the same time, Rockville investor Morton Bender was buying up stock in Independence and attempting to “stack the board” in his favor. After prolonged litigation with Bender, and filing “missteps” in the application process, the Carver merger collapsed in September 2004.
“Thomas Batties is a world-class executive who has guided IFSB through some very turbulent times,” said Carolyn Jordan, chairwoman of Independence Federal’s board of directors.
“Through his steadfast leadership and vision we were able to meet all of the bank’s regulatory requirements, increase the bank’s balance sheet and completely revamp the bank’s entire information technology apparatus.”
About the Bank
» Federal Independence is a federally chartered stock savings bank with locations in the District and Maryland.
» The bank specializing in first mortgage and student lending, but offers a range of banking services to its 15,000 customers.
» It has just under $200 million in assets.
» It’s tag line is: “The Nicest Bank in the World”
Source: www.ifsb.com
