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                                                                    Exhibit 99.1


                                  PRESS RELEASE


                                               Contact:    Donald Fleming
                                                           Senior Vice President

For release at 4:30 p.m.
January 29, 2003                               Contact #:  (718) 697-2813


ANNOUNCEMENT:      STATEN ISLAND BANCORP ANNOUNCES QUARTERLY CASH DIVIDEND


STATEN ISLAND, NEW YORK - (NYSE: SIB), Staten Island Bancorp, Inc. (the
"Company") announced today that its Board of Directors has declared a cash
dividend of $0.14 per share on the Common Stock of the Company. The dividend
will be payable February 24, 2004 to the stockholders of record as of the close
of business on February 9, 2004.

Staten Island Bancorp. Inc. is the holding company for SI Bank & Trust. SI Bank
& Trust was chartered in 1864 and currently operates 17 full service branches
and three limited service branches on Staten Island, New York, and two full
service branches in Brooklyn, New York; and 15 full service branches in New
Jersey. On December 31, 2003, Staten Island Bancorp had $7.5 billion in total
assets and $605.5 million of total stockholders' equity.

         Statements contained in this release which are not historical facts are
forward-looking statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties which could cause actual results to differ materially
from those currently anticipated due to a number of factors. Included in such
forward-looking statements are statements regarding the proposed merger of the
Company and Independence Community Bank Corp. ("Independence").


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         Words such as "expect," "feel," "believe," "will," "may," "anticipate,"
"plan," "estimate," "intend," "should," and similar expressions are intended to
identify forward-looking statements. These statements include, but are not
limited to, financial projections and estimates and their underlying
assumptions; statements regarding plans, objectives and expectations with
respect to future operations, products and services; and statements regarding
future performance. Such statements are subject to certain risks and
uncertainties, many of which are difficult to predict and generally beyond the
control of the Company and Independence, that could cause actual results to
differ materially from those expressed in, or implied or projected by, the
forward-looking information and statements. The following factors, among others,
could cause actual results to differ materially from the anticipated results or
other expectations expressed in the forward-looking statements: (1) the
businesses of the Company and Independence may not be combined successfully, or
such combination may take longer to accomplish than expected; (2) the growth
opportunities and cost savings from the merger of the Company and Independence
may not be fully realized or may take longer to realize than expected; (3)
operating costs and business disruption following the completion of the merger,
including adverse effects on relationships with employees, may be greater than
expected; (4) governmental approvals of the merger may not be obtained, or
adverse regulatory conditions may be imposed in connection with governmental
approvals of the merger; (5) the stockholders of either the Company or
Independence may fail to approve the merger; (6) competitive factors which could
affect net interest income and non-interest income, general economic conditions
which could affect the volume of loan originations, deposit flows and real
estate values; (7) the levels of non-interest income and the amount of loan
losses as well as other factors discussed in the documents filed by the Company
and Independence with the Securities and Exchange Commission (the "SEC") from
time to time. Neither the Company nor Independence undertakes any obligation to
update these forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.

         This filing may be deemed to be solicitation material in respect of the
proposed merger of the Company and Independence. In connection with the proposed
transaction, a registration statement on Form S-4 has been filed with the SEC.
STOCKHOLDERS OF THE COMPANY AND STOCKHOLDERS OF INDEPENDENCE ARE ENCOURAGED TO
READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE
SEC, INCLUDING THE JOINT PROXY STATEMENT/PROSPECTUS THAT IS A PART OF THE
REGISTRATION STATEMENT, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED MERGER. The final joint proxy statement/prospectus will be mailed to
stockholders of the Company and stockholders of Independence. Investors and
security holders will be able to obtain the documents free of charge at the
SEC's website, www.sec.gov , from Independence Community Bank Corp., 195
Montague Street, Brooklyn, New York 11201, Attention: Investor Relations or from
Staten Island Bancorp, Inc., 1535 Richmond Avenue, Staten Island, New York
10314, Attention: Investor Relations.

         The Company and its directors and executive officers and other members
of management and employees may be deemed to participate in the solicitation of
proxies in respect of the proposed transaction. Information regarding the
Company's directors and executive officers is available in the Company's proxy
statement for its 2003 annual meeting of stockholders, which was filed with the
SEC on April 7, 2003. Additional information regarding the interests of such
potential participants will be included in the joint proxy statement/prospectus
and the other relevant documents filed with the SEC when they become available.