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                                                                   EXHIBIT 10.18

                           INDEPENDENCE COMMUNITY BANK
                              EXECUTIVE MANAGEMENT
                           INCENTIVE COMPENSATION PLAN
           for the Fiscal Year of January 1, 2002 - December 31, 2002

                                  INTRODUCTION

            The Boards of Directors of Independence Community Bank Corp. ("ICBC"
or "the Company") and Independence Community Bank ("the Bank") have approved a
strategy designed to drive the business of ICBC to new operating and profit
levels so as to make ICBC a top performer in its industry. The Compensation
Committee ("Committee") and the Board of Directors of ICBC and the Bank have
considered and approved this Plan to assist in attaining that objective.
Accordingly, this Plan will focus on the critical performance measure that the
Board believes matters most to the success of the institution, namely diluted
earnings per share (EPS).

            The Committee and the Board acknowledge that the evolution of ICBC
into a top performer relative to its peers is a process that is likely to take
several additional years. As a result, the Committee and the Board have
indicated that they expect to continue the Plan or adopt new incentive
compensation plans in future years with revised and updated goals and targets as
to EPS or other measurements adopted annually to assess the progress management
makes towards achieving the performance of the top performing institutions in
the industry - such as return on assets, return on equity, efficiency ratio and
net interest margin. In particular, an annual evaluation will consider progress
made in comparison to the performance of a peer group of top-performing
institutions described herein. Accordingly, Plan performance goals and targets
approved in future years will be based on this long-term objective.

            This Plan will be known as the Independence Community Bank Executive
Management Incentive Compensation Plan for January 1, 2002 - December 31, 2002
("the FY2002 Plan "). The January 1, 2002 - December 31, 2002 period is the
"Plan Year".


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                                     GENERAL

A.    Participants in the FY2002 Plan will be the members of the Bank's
      Management Committee, namely the following officers:

               Alan H. Fishman, President and Chief Executive Officer
               John A. Dorman, Executive Vice President - Business Banking
               Gary M. Honstedt, Executive Vice President - Commercial Real
                 Estate Lending
               Harold A. McCleery, Executive Vice President - Chief Credit
                 Officer
               Terence J. Mitchell, Executive Vice President - Consumer Banking
               John B. Zurell, Executive Vice President - Chief Financial
                 Officer
               Frank W. Baier, Senior Vice President and Treasurer
               Stephen J. Glass, Senior Vice President - Chief Information
                 Officer
               Frank S. Muzio, Senior Vice President and Controller
               Santiago Patino, Senior Vice President - Corporate Operations
               Ellen K. Rogoff, Senior Vice President - Director of Human
                 Resources
               Janice Schillig, Senior Vice President - Director of Marketing
               John K. Schnock, Senior Vice President, Secretary and Counsel

B.    Awards granted under the FY2002 Plan will be made by the Committee upon
      consideration of the various factors set forth herein. However, awards
      will be made in the sole discretion of the Committee and are subject to
      approval of the Board of Directors. The Committee shall have the sole
      authority, subject to the Board of Directors, to interpret and implement
      the provisions of the FY2002 Plan. No Participant shall be entitled to any
      award unless and until the Committee notifies a FY2002 Plan Participant of
      his or her specific award under the FY2002 Plan. Neither the terms of the
      FY2002 Plan nor any award granted hereunder shall create any right of a
      FY2002 Plan Participant to continued employment with ICBC, the Bank or any
      affiliate thereof.

C.    The FY2002 Plan is designed to provide FY2002 Plan Participants with
      awards equal in value to a specified percentage (the "Target Bonus") of
      his or her annual base salary at the end of the Plan Year based upon his
      or her executive rank (President, Executive Vice President or Senior Vice
      President). The award may be increased or decreased above or below the
      Target Bonus depending on actual performance during the Plan Year relative
      to the target thresholds described herein.

      Awards granted under the FY2002 Plan will be made by the Committee upon
      consideration of the following factors:

        (1)   Executive level of each Participant as provided herein;

        (2)   Corporate Performance Component: the achievement of EPS targets,
              with the weighting of this component for awards granted with
              respect to the Plan Year determined by executive level as follows,
              President and Chief Executive Officer - 100%, Executive Vice
              Presidents - 75% and Senior Vice Presidents - 50%; and


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        (3)   Business Unit/Function Performance Component: based upon
              recommendation of the President and CEO, with the weighting of
              this component for the Plan Year determined by executive level as
              follows, Executive Vice President - 25% and Senior Vice Presidents
              - 50%.


D.    Once the total award is determined, the award will be due and payable in
      cash and ICBC stock as described herein (unless deferred by the Fiscal
      Year 2002 Plan Participant).

E.    The Committee and the Board may also adjust the amounts of awards granted
      hereunder upon consideration of unusual factors or unanticipated
      extraordinary events such as changes in accounting policy which have a
      significant impact on the goals and targets established hereunder.


Newly hired employees and others promoted to or made a member of the Bank's
Management Committee during the Plan Year may be considered for participation in
the FY2002 Plan. If any such person is selected by action of the Committee to be
included within the list of FY2002 Plan Participants, he or she shall be
eligible to receive a pro-rated award based on his or her period of service with
the Bank during the Plan Year. In addition, Participants whose employment
terminates during the Plan Year may be entitled to receive a pro-rated award if
recommended by the President and CEO and approved by the Committee.

                         SPECIFIC FY 2002 PLAN STRUCTURE

A.    Executive Level Target Bonus Component Allocation

<TABLE>
<CAPTION>
                                             Target Bonus                Corporate Performance                      BU/Functional
                Executive Level              % Base Salary                Component Weighting                    Component Weighting
                ---------------              -------------------         -------------------------------         -------------------
<S>                                          <C>                         <C>                                     <C>
                President & CEO                      80%                              100%                                --
           Executive Vice Presidents                 50%                               75%                                25%
            Senior Vice Presidents                   30%                               50%                                50%
</TABLE>


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B.    Corporate Performance Component

<TABLE>
<CAPTION>
                         Corporate                        Corporate
                      Performance (EPS)                   Component %
                    --------------------               ---------------
<S>                                                    <C>
                       Maximum $2.25                         150%
                                2.24                         144%
                                2.23                         138%
                                2.22                         132%
                                2.21                         126%
                                2.20                         121%
                                2.19                         116%
                                2.18                         112%
                                2.17                         108%
                                2.16                         104%
                         Target 2.15                         100%
                                2.14                          96%
                                2.13                          92%
                                2.12                          88%
                                2.11                          84%
                                2.10                          79%
                                2.09                          74%
                                2.08                          68%
                                2.07                          62%
                                2.06                          56%
                                2.05                          50%
                     EPS Below $2.05                           0%
</TABLE>

            There will be no awards earned under the FY2002 Plan unless EPS for
the Plan Year is at least $2.05; at EPS of $2.25 or higher, the corporate
performance component payout percentage would be 150% of target, the maximum.


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C.    Business Unit/Functional Performance Component

      Each business unit will be evaluated by the President and CEO on its
overall performance during the Plan Year as well as the attainment of specific
operating initiatives assigned to the Business Unit at the start of the Plan
Year. There will be no awards under this component unless the threshold
corporate performance level of at least $2.05 EPS is achieved. The Business
Unit/Functional Performance Component payout percentage will be based on the
following performance ratings:

<TABLE>
<CAPTION>
                       BU/Functional                   Percentage of
                    Performance Rating                 Award Earned
                    ------------------                 ------------
<S>                                                    <C>
                        Outstanding                     125% - 150%

                        Exceeded                        110% - 125%

                        Fully Met                           100%

                        Met Minimum                      50% - 80%

                        Did Not Meet                         0%
</TABLE>

      The Business Unit/Functional Performance Component percentage payout can
range from 0% for Did Not Meet minimum performance criteria to a maximum of 150%
for Outstanding Performance. The President and CEO will provide a written report
to the Committee with respect to his recommendation of both the Business
Unit/Functional Performance Component rating and the percentage of award earned
with respect to each FY2002 Plan Participant. The President and CEO's award will
not include the Business Unit/Functional Performance Component. The Committee
will determine the final Business Unit/Functional Performance Component and
percentage of award earned using the President and CEO's recommendation and such
other information as it deems appropriate.

                                PAYMENT OF AWARDS

A.    Once awards have been calculated in accordance with the foregoing process
      and submitted to and approved by the Committee, the Committee shall notify
      each of the FY2002 Plan participants in writing of the amount, if any, of
      his or her award. Thereafter, payment of any such awards will be made as
      follows:

        (1)   Subject to the provisions of section 3 hereof, cash payment equal
              to 75% of the award (unless the Participant has made a timely
              election to defer all or part of the award or is required to defer
              receipt of such payment due to the

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            applicability of Section 162(m) of the Internal Revenue Code) will
            be made within 15 days of the date of the award notice; and

      (2)   In the discretion of the Committee (the "Compensation Committee")
            administering the 1998 Recognition and Retention Plan (the "RRP) a
            grant of shares of ICBC common stock pursuant to the RRP (unless the
            FY2002 Plan Participant has made a timely election to defer receipt
            of all or a portion of such shares or is required to defer receipt
            of such shares due to the applicability of Section 162(m) of the
            Internal Revenue Code) with respect to 25% of the award. It is
            expected that such grant shall vest over a three year period, with
            one-third of such shares vesting on each anniversary date of the
            granting of such award for a three-year period. The number of shares
            awarded shall be determined by discounting the closing price of ICBC
            common stock on the date the award is approved by 15% and dividing
            the adjusted price into the dollar amount of 25% of the award.
            Although it is expected that this component will vest over a three
            year period from the date of the award (assuming the Committee
            provides that the grants will vest over a three year period), a
            Participant's unvested portion will become fully vested upon his or
            her death, "disability", "retirement" or a "change in control" as
            defined in the RRP.

      (3)   In the event the Compensation Committee determines not to grant
            restricted stock awards with respect to the remaining 25% of the
            awards, then such remaining amount shall be paid in cash within 15
            days of the date of the Compensation committee's determination not
            to issue such restricted stock awards.

      (4)   (a) In the event that a FY2002 Plan Participant is a "covered
            employee" for purposes of Section 162(m) of the Internal Revenue
            Code and such FY2002 Plan Participant's applicable employee
            remuneration in a particular tax year exceeds or is likely to exceed
            the limitation as specified in Section 162(m) of the Code, the
            Committee may request that such FY2002 Plan Participant defer the
            payment of all or a portion of the FY2002 Plan Participant's award
            to be received under the FY2002 Plan or such other plans and
            programs, employment agreements and arrangements of the Company to
            the extent necessary to avoid the payment of employee remuneration
            for such tax year in excess of the Section 162(m) limit.

            (b) Notwithstanding any other provision of the FY2002 Plan, any
            FY2002 Plan Participant may elect, with the concurrence of the
            Committee and consistent with any rules and regulations established
            by the Committee, to defer the receipt of all or any portion of an
            award granted hereunder. The election to defer the receipt of the
            award must be made no later than two months before the end of the
            calendar year preceding the calendar year in which the FY2002 Plan
            Participant would otherwise have an unrestricted right to receive
            such award. Any election to defer the receipt of an award, in

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            whole or in part, shall be irrevocable as long as the FY2002 Plan
            Participant remains an employee of the Company, the Bank or one of
            their subsidiaries.

            (c) The Committee may, at its sole discretion, allow for the early
            payment of a FY2002 Plan Participant's deferred award account in the
            event of an "unforeseeable emergency" or in the event of the death
            or disability of the FY2002 Plan Participant. An "unforeseeable
            emergency" means an unanticipated emergency caused by an event
            beyond the control of the FY2002 Plan Participant that would result
            in severe financial hardship if the distribution were not permitted.
            Such distributions shall be limited to the amount necessary to
            sufficiently address the financial hardship. Any distributions under
            this provision shall be consistent with the Internal Revenue Code
            and the regulations promulgated thereunder. Additionally, the
            Committee may use its discretion to cause award accounts to be
            distributed when continuing the program is no longer in the best
            interest of the Company or the Bank.

            (d) No FY2002 Plan Participant or other person shall have any
            interest in any fund or in any specific asset of the Company or the
            Bank by reason of any amount credited pursuant to the provisions
            hereof. Any amounts payable pursuant to the provisions hereof shall
            be paid from the general assets of the Company or the Bank or a
            subsidiary thereof and no FY2002 Plan Participant or other person
            shall have any rights to such assets beyond the rights afforded
            general creditors of the Company or the Bank. However, the Company
            or the Bank or a subsidiary thereof shall have the right to
            establish a reserve, trust or make any investment for the purpose of
            satisfying the obligations created under the FY2002 Plan; provided,
            however, that no FY2002 Plan Participant or other person shall have
            any interest in such reserve, trust or investment.

            (e) To the extent not otherwise inconsistent with the provisions of
            the FY2002 Plan, FY2002 Plan Participants may defer awards hereunder
            in accordance with the provisions of the Independence Community Bank
            Corp. Deferred Compensation Plan.



                      PROVISIONS RELATING TO SECTION 162(m)
                          OF THE INTERNAL REVENUE CODE.

It is the intent of the Company that any compensation (including any award)
deferred under the FY2002 Plan by a person who is, with respect to any year of
settlement, deemed by the Committee to be a "covered employee" within the
meaning of Section 162(m) of the Internal Revenue Code and the regulations
thereunder, which compensation constitutes either "qualified performance-based
compensation" within the meaning of Section 162(m) and the regulations
thereunder or compensation not otherwise

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subject to the limitation on deductibility under Section 162(m) and the
regulations thereunder, shall not, as a result of deferral hereunder, become
compensation with respect to which the Company in fact would not be entitled to
a tax deduction under Section 162(m) and the regulations thereunder.
Accordingly, unless otherwise determined by the Committee, if any compensation
would become so disqualified under Section 162(m) and the regulations thereunder
as a result of deferral hereunder, the terms of such deferral shall be
automatically modified to the extent necessary to ensure that the compensation
would not, at the time of settlement, be so disqualified.


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