Fortune's conversion approved by OTS.

CLEARWATER, Fla. -- Fortune Bank said it has received approval from the Office of Thrift Supervision to convert to a state-chartered commercial bank with membership in the Federal Reserve System.

The conversion from a savings and loan charter also requires approval from the Fed and Florida regulators.

The thrift, with $2.7 billion of assets and 46 branches, is owned by Fortune Bancorp.

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