Just 19 mutual thrifts regulated by the Federal Deposit Insurance Corp. converted to stock charters in 1995. That's well down from the 32 that converted in 1993, before new FDIC regulations cut down on management profits in mutual conversions.

Overall, according to preliminary data form the FDIC, 92 mutual thrifts, with total assets of $15.9 billion, converted to stock in 1995. That's down from 99 with assets of $37.7 billion in 1994, and 118 with assets of $43.2 billion in 1993. Most mutuals are regulated by the Office of Thrift Supervision, which released slightly different conversion data last week.

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