NEW YORK -- Green Point Savings Bank has received approval from the New York State Banking Department to convert to a state-chartered stock savings bank from a state-chartered mutual savings bank.

GP Financial Corp., the holding company formed as part of the bank's conversion plan, plans to sell$595 million to $805 million in stock through offerings to employee benefits plans, depositors, institutional investors, and the public.

The offerings will begin shortly and continue through Dec. 15.

Green Point, based in Flushing, N.Y., has assets of $6.5 billion and 24 banking facilities.

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