First Savings Bank (FSFG) in Clarksville, Ind., is switching charters as part of a broader plan to expand its commercial banking business.
The $704 million-asset First Savings wants to convert from a federally chartered savings bank to an Indiana-chartered commercial bank. First Savings currently has 15 offices throughout Indiana.
As part of this conversion, the bank intends to apply for membership in the Federal Reserve System. If this request is granted, the Federal Reserve Board will be First Savings' primary federal regulator instead of the Office of the Comptroller of the Currency.
First Savings expects the conversion to take effect in the fourth quarter, subject to regulatory approvals.
"The proposed conversion to a commercial bank charter is an important step in the bank's evolution from a traditional thrift institution focused primarily on residential mortgage lending to a full-service community financial institution," said Larry Myers, First Savings' chief executive, in a press release.