Now that the Office of Thrift Supervision has been eliminated, First Federal Savings and Loan Association in Charleston, S.C., does not see much reason to retain its federal charter.

The thrift's parent, First Financial Holdings Inc., said Wednesday that First Federal is switching to a state commercial bank charter because the Dodd-Frank Act had "removed many of the advantages of a federal savings and loan charter." As part of the landmark legislation the OTS was eliminated and merged into the Office of the Comptroller of the Currency.

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