The group's principal activities are to provide financial services. The group operates through two segments: bank operations and student loans. The group operates through its two wholly owned subsidiaries: independence financial corporation and cf financial corporation. The financial services provided by the group include originating funds in the form of deposits and investing the same in residential loans, guaranteed student loans, mortgage-backed securities, government securities, consumer loans and commercial loans. The group also provides lockbox services. The sources of funds for the group's lending activities are savings deposits, mortgage-backed securities, federal home loan bank advances, reverse-repurchase agreements and other borrowings. The group operates solely in the domestic market. Bank operations accounted for 74% of 2002 revenues and student loans, 26%.
