N.C.'s Cooperative now a savings bank.

WILMINGTON, N.C.--Cooperative Bank for Savings Inc. said it had completed its conversion from savings association to savings bank.

The charter change for the stockholder-owned institution was permitted by North Carolina legislation and means that Cooperative is no longer subject to oversight by the federal Office of Thrift Supervision.

Cooperative will be examined by the state regulator and the Federal Deposit Insurance Corp.

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