HAVERHILL, Mass. - Family Bancorp has applied to the Office of Thrift Supervision to convert to a federally chartered thrift in order to merge its Massachusetts and New Hampshire subsidiaries under OTS rules that already allow interstate branching for thrifts.
Under the application, Family Mutual Savings Bank would become Family Bank FSB, which would merge with Family Bank of New Hampshire.
The resulting thrift would have 15 branches in Massachusetts and six in New Hampshire. Deposits will still be covered by the Bank Insurance Fund.
The approval process is expected to be completed before the end of the year.