The banking unit of 1st Colonial Bancorp (FCOB) in Collingswood, N.J., has converted to a state charter and changed its name.
The $273 million-asset 1st Colonial Community Bank’s conversion will allow it “greater ability to execute our strategy as a New Jersey-based community bank and remain competitive in the markets we serve,” Gerry Banmiller, the bank’s president and chief executive, said in a press release Thursday.
A number of banks have switched to state charters in recent months. Banks often attribute their decision to convert to a desire to be closer to their primary regulator or to reduce examination costs. In its release, 1st Colonial said its switch would not have “any significant financial or regulatory impact” on its activities.
The bank, which had been known as 1st Colonial National Bank, is now regulated by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corp.
