Crazy Woman Creek Bancorp (CRZY) in Buffalo, Wyo., is planning to convert to a state charter and repurchase preferred stock it issued to the Treasury Department under the Troubled Asset Relief Program.

The $121 million-asset company said in a press release Tuesday that it will begin converting to a Wyoming-chartered bank and holding company on Jan. 29. The conversion should create "a substantial reduction in bank assessment costs along with increased flexibility across all bank operations," Paul Brunkhorst, the company's president and chief executive, said in the release.

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