Independence Federal Savings Bank is planning to merge with Colombo Bank, The Washington Post reports. The combined bank would have over $300 million in assets.

Colombo has one branch in the Washington District and four in Maryland, and Independence has two branches in D.C. and two in Maryland. Washington businessman, Morton Bender who holds over 90% of the stock in Colombo tried to take over Independence Federal seven years ago, forcing out board members and filing multimillion-dollar lawsuits against them.

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