Independence Federal Savings Bank is the second largest black-owned bank in the District of Columbia. The bank, which specializes in residential mortgage loans,  has made home ownership possible for more than 5,000 families; and provided financial aid to more than 43,000 students.

In February 2009, the firm acquired Rockville, Maryland-based Colombo Bancshares Inc. The merger will double the firm’s assets to more than $350 million.