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                                                                   EXHIBIT 10.20

                           INDEPENDENCE COMMUNITY BANK
                              EXECUTIVE MANAGEMENT
                           INCENTIVE COMPENSATION PLAN
           for the Fiscal Year of January 1, 2003 - December 31, 2003

                                 I. 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 operating and profit levels
that will 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 critical performance measures that the Board believes are
very significant to the success of the institution, namely diluted earnings per
share (EPS) and return on average assets (ROAA).

     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
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 and ROAA or other
measurements adopted annually to assess the progress management makes towards
achieving the performance of the top performing institutions in the industry -
for example 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 financial institutions.
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, 2003 - December 31, 2003
("the FY2003 Plan "). The January 1, 2003 - December 31, 2003 period is the
"Plan Year".

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                                   II. GENERAL

A.   Participants in the FY2003 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 (Executive Vice
          President - Chief Financial Officer and Treasurer as of 8/16/2003)
          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 FY2003 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. The Committee shall have
     the sole authority, subject to the Board of Directors, to interpret and
     implement the provisions of the FY2003 Plan. No Participant shall be
     entitled to any award unless and until the Committee notifies a FY2003 Plan
     Participant of his or her specific award under the FY2003 Plan. Neither the
     terms of the FY2003 Plan nor any award granted hereunder shall create any
     right of a FY2003 Plan Participant to continued employment with ICBC, the
     Bank or any affiliate thereof.

C.   The FY2003 Plan is designed to provide FY2003 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 FY2003 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 and ROAA
               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 and Senior Vice President - 75%; 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 Presidents and Senior Vice Presidents -
               25%.

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
     2003 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 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 FY2003 Plan. If any such person is selected by action of the Committee to be
included within the list of FY2003 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 prior to payment of an award may be entitled to receive a pro-rated
award payable entirely in cash if recommended by the President and CEO and
approved by the Committee.

                      III. SPECIFIC FY 2003 PLAN STRUCTURE

A.   Executive Level Target Bonus Component Allocation

<TABLE>
<CAPTION>
                                 Target Bonus %        Corporate Performance        BU/Functional Component
     Executive Level               Base Salary          Component Weighting                Weighting
-----------------------------------------------------------------------------------------------------------
<S>                              <C>                   <C>                          <C>
     President & CEO                  100%                     100%                           ----

Executive Vice Presidents              65%                      75%                           25%

 Senior Vice Presidents                45%                      75%                           25%
</TABLE>

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B.   Corporate Performance Component

<TABLE>
<CAPTION>
                             EPS                Payout Percentage                  ROAA
--------------------------------------------------------------------------------------------
<S>                   <S>                       <C>                         <C>
MAXIMUM               $2.80 AND ABOVE                 150%                  1.701% AND ABOVE

                      ----------------------------------------------------------------------
                            2.79                      145%                        1.695
                      ----------------------------------------------------------------------
                            2.78                      140%                        1.689
                      ----------------------------------------------------------------------
                            2.77                      135%                        1.683
                      ----------------------------------------------------------------------
                            2.76                      130%                        1.677
                      ----------------------------------------------------------------------
                            2.75                      125%                        1.671
                      ----------------------------------------------------------------------
                            2.74                      122%                        1.665
                      ----------------------------------------------------------------------
                            2.73                      119%                        1.659
                      ----------------------------------------------------------------------
                            2.72                      116%                        1.653
                      ----------------------------------------------------------------------
                            2.71                      113%                        1.647
                      ----------------------------------------------------------------------
                            2.70                      110%                        1.640
                      ----------------------------------------------------------------------
                            2.69                      108%                        1.634
                      ----------------------------------------------------------------------
                            2.68                      106%                        1.628
                      ----------------------------------------------------------------------
                            2.67                      104%                        1.622
                      ----------------------------------------------------------------------
                            2.66                      102%                        1.616
                      ----------------------------------------------------------------------

TARGET                     $2.65                      100%                        1.610%

                      ----------------------------------------------------------------------
                            2.64                       98%                        1.604
                      ----------------------------------------------------------------------
                            2.63                       96%                        1.598
                      ----------------------------------------------------------------------
                            2.62                       94%                        1.592
                      ----------------------------------------------------------------------
                            2.61                       92%                        1.586
                      ----------------------------------------------------------------------
                            2.60                       90%                        1.580
                      ----------------------------------------------------------------------
                            2.59                       87%                        1.574
                      ----------------------------------------------------------------------
                            2.58                       84%                        1.568
                      ----------------------------------------------------------------------
                            2.57                       81%                        1.561
                      ----------------------------------------------------------------------
                            2.56                       78%                        1.555
                      ----------------------------------------------------------------------
                            2.55                       75%                        1.549
                      ----------------------------------------------------------------------
                            2.54                       70%                        1.543
                      ----------------------------------------------------------------------
                            2.53                       65%                        1.537
                      ----------------------------------------------------------------------
                            2.52                       60%                        1.531
                      ----------------------------------------------------------------------
                            2.51                       55%                        1.525
                      ----------------------------------------------------------------------
                            2.50                       50%                        1.519%
                      ----------------------------------------------------------------------

THRESHOLD               Below $2.50                     0%                    Below 1.519%

                      ----------------------------------------------------------------------
</TABLE>

          EPS and ROAA are each weighted 50% in calculating the portion of the
award earned for corporate performance. The above scale is not subject to
interpolation (i.e., an EPS of $2.678 is counted as $2.67 and is paid out at the
104% rate. Each $.01 increment in EPS is treated as a hurdle. The same principle
applies for ROAA, i.e., an ROAA of

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1.6034% is counted as 1.598% and is paid out at the 96% rate. The EPS and ROAA
thresholds must both be achieved before any award is paid.

          There will be no awards earned under the FY2003 Plan unless EPS for
the Plan Year is at least $2.50 and ROAA is at least 1.519%; at achievement of
EPS of $2.80 or higher and ROAA of 1.701% or Higher, the corporate performance
component payout percentage would be 150% of target, the maximum.

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 levels of at least $2.50 EPS and 1.519% ROAA are 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 Performance                       125% - 150%

Exceeded Expectations                         110% - 125%

Fully Met Expectations                            100%

Met Minimum Expectations                       50% - 80%

Did Not Meet Expectations                          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 FY2003 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.

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                              IV. 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 FY2003 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 subsection (3) hereof, a cash
               payment equal to such percentage of the award as shown in the
               following table (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 applicability of Section
               162(m) of the Internal Revenue Code) will be made within 15 days
               of the date of the award notice:

                    President and CEO - 60%
                    Executive Vice President - 65%
                    Senior Vice President - 70%

          (2)  In the discretion of the Committee (the "Compensation Committee")
               administering the 1998 Recognition and Retention Plan (the "RRP)
               or the 2002 Stock Incentive Plan ("SIP") a grant of shares of
               ICBC common stock pursuant to the RRP or SIP (unless the FY2003
               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) shall be made with respect to the
               remaining portion 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 the applicable
               percentage of the award. A Participant's unvested portion will
               become fully vested upon his or her death, "disability",
               "retirement" or a "change in control" only as provided in the RRP
               or the SIP. However, the award of a Participant whose employment
               terminates prior to payment of the award shall be paid entirely
               in cash.

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

B.        (1)  In the event that a FY2003 Plan Participant is a "covered
               employee" for purposes of Section 162(m) of the Internal Revenue
               Code and such FY2003 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)

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               of the Code, the Committee may request that such FY2003 Plan
               Participant defer the payment of all or a portion of the FY2003
               Plan Participant's award to be received under the FY2003 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.


          (2)  Notwithstanding any other provision of the FY2003 Plan, any
               FY2003 Plan Participant may elect, 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 FY2003 Plan Participant would otherwise have an
               unrestricted right to receive such award. Any election to defer
               the receipt of an award, in whole or in part, shall be
               irrevocable as long as the FY2003 Plan Participant remains an
               employee of the Company, the Bank or one of their subsidiaries.

          (3)  The Committee may, at its sole discretion, allow for the early
               payment of a FY2003 Plan Participant's deferred award account in
               the event of an "unforeseeable emergency" or in the event of the
               death or disability of the FY2003 Plan Participant. An
               "unforeseeable emergency" means an unanticipated emergency caused
               by an event beyond the control of the FY2003 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.

          (4)  No FY2003 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 FY2003 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 FY2003 Plan; provided, however, that no FY2003 Plan
               Participant or other person shall have any interest in such
               reserve, trust or investment.

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          (5)  To the extent not otherwise inconsistent with the provisions of
               the FY2003 Plan, FY2003 Plan Participants may defer awards
               hereunder in accordance with the provisions of the Independence
               Community Bank Corp. Deferred Compensation Plan.

                    V. 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 FY2003 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 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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