Baltimore County Savings Bank in Baltimore said Friday that it had converted from a federally chartered stock savings bank to a Maryland-chartered commercial bank.
As a result of the charter conversion, which was effective at the close of business on Friday, the bank will be regulated by Maryland's Office of the Commissioner of Financial Regulation. The holding company, the $625 million-asset BCSB Bancorp Inc., will continue to be regulated by the Federal Reserve.
Baltimore County Savings is one of the many thrifts formerly supervised by the Office of Thrift Supervision to recently convert to state bank or thrift charters. The OTS was eliminated in July and the agency's supervisory responsibility was transferred to the Office of the Comptroller of the Currency.
Baltimore County Savings, which will continue to operate under the same name, will offer its existing thrift products and will benefit from greater acceptance of its commercial and retail services, according to a press release.
BCSB Bancorp filed its charter application with Maryland regulators earlier this year.