WILMINGTON, N.C. -- Cooperative Bank for Savings Inc. said its board adopted a plan to convert its state charter from savings association to savings bank. The move is subject to regulator and shareholder approval.

The $300 million-asset thrift said the conversion, permitted by recent North Carolina legislation that created a savings bank chartering option, will reduce duplication between state and federal supervision and regulatory fees.

After conversion, Cooperative will be overseen by the state regulator and the Federal Deposit Insurance Corp., but no longer by the Office of Thrift Supervision.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.