INDEPENDENCE FEDERAL SAVINGS BANK
FEDERAL SAVINGS BANK
March 3, 2003
Dear Valued Custorners:
Recently, there has been extensive media coverage pertaining to the
Washington Teachers Union ("WTU") and alleged mishandling of
funds by certain of its officers. It has been mentioned in these reports
that the WTU had its checking account with Independence Federal.
The Board of Directors assures you that to date we have no knowledge of
any improper conduct by Independence Federal or its personnel in its
handling of the WTU account. Moreover, we are conducting our own internal
investigation in this matter to determine, to the extent possible, what
occurred in connection with the account. Please know that, as a witness to
activities in the WTU account we are cooperating fully with the US.
Attorney's office investigation.
Independence is a well-capitalized, FDIC-insured savings bank, and we
intend to continue to provide professional support to our custom,
concerned support to the communities we serve, and to maintain our ongoing
efforts to increase the value of our shareholders' interests.
Our Board of Directors joins with me in sending cur warmest thanks for
your loyalty and support.
Donna F, Shuler
President and CEO