GNW Wins Approval to Convert
BREMERTON, Wash. - GNW Financial Corp. has received the Federal Reserve Board's approval to convert to a bank holding company from a savings and loan holding company.
Its thrift subsidiary, Great Northwest Federal Savings and Loan Association, expects to convert to a state savings bank charter in July and operate as Great Northwest Bank.
The thrift, which has $666 million in assets, recently obtained the Office of Thrift Supervision's approval for the conversion. It previously had received approval from the state banking department.
Great Northwest is one of 11 thrifts to gain OTS approval for a charter conversion since a recent change in regulations to prevent state banks from making certain risky investments.
Like other thrifts that sought the move, it can cut its regulatory assessments from those imposed at the federal level.
Great Northwest will remain a member of the Federal Home Loan Bank System, said Raymond L. Soule, chairman and chief executive officer.