Brooklyn's Progress
May 2004

Independence Community Bank Corp. (NASDAQ – ICBC) (“Independence”) announced on April 13 that its strategic merger with Staten Island Bancorp, Inc. (“Staten Island”) was completed following the close of business on April 12, 2004.  In accordance with the Agreement and Plan of Merger announced on November 25, 2003, Staten Island merged with and into Independence and Staten Island’s primary subsidiary, SI Bank & Trust, merged with and into Independence Community Bank (the “Bank”).

“The combination of our two great organizations has created a dynamic regional community bank with more than $17 billion in assets, 121 branches and 2,500 employees,” said Alan H. Fishman, President & CEO of Independence. “As we complete this merger we have a strong management team in place, an outstanding portfolio of products and an extended geographical reach and we look ahead to new opportunities to do even more for our shareholders, our customers and our communities.”

Each share of Staten Island common stock was converted into the right to receive either $24.3208 in cash or 0.6195 shares of Independence common stock for each Staten Island share, or a combination of both.  As previously disclosed in the merger agreement and election materials mailed to Staten Island stockholders, the form of the merger consideration ultimately paid to Staten Island stockholders is subject to adjustment in accordance with the terms of the merger agreement, pursuant to which all elections are subject to pro-ration because the aggregate amount of cash consideration Independence will pay in the merger is fixed at $368,500,000.  The final allocations of cash and Independence common stock to be received by Staten Island stockholders will be announced on or about April 20, 2004.

Approximately 28.3 million shares of Independence common stock will be issued in the transaction, bringing the number of outstanding shares of Independence Community Bank Corp. to approximately 83 million.   Based on the April 12, 2004 closing price of $39.38, the combined company has a market capitalization of approximately $3.3 billion.

Effective upon the completion of the merger, the Boards of Directors of Independence and the Bank include five new members: Vice Chairman Harry P. Doherty, former Staten Island Chairman & CEO; David L.. Hinds; John R. Morris; Denis P. Kelleher; and Allan Weissglass.