Cross County Federal Savings Bank in Middle Village, N.Y., is converting to a state charter from a federal charter.
After the switch, the $412 million-asset bank will become Cross County Savings Bank. Cross County is a mutual savings bank with seven branches in Queens, the Bronx and Brooklyn.
Cross County is the second bank in New York to convert to state charter since the Department of Financial Services was launched in the fall, the agency said Friday.
A number of federally chartered banks and thrifts have recently announced plans to leave the Office of the Comptroller of the Currency for their state regulators. Most cite a desire to be closer to their regulators since the passage of the Dodd-Frank Act and the reduced examination costs as the primary reasons for converting.