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The Dime Savings Bank of Williamsburgh announced that it intends to convert from a federally chartered thrift supervised by the OCC to a state-chartered thrift to be supervised by New York State Department of Financial Services.
February 27 -
After 100 years of having a federal charter, Frost says new reform law has increased the value of state regulation.
February 10 -
As hundreds of national banks disappear and community banks increasingly chose a state charter, policymakers must consider the impacts.
October 26
After more than 25 years as national bank, Equity Bank in Andover, Kan., is switching to a state charter.
Brad Elliott, the $605 million-asset bank's chairman and chief executive told the Wichita Eagle Thursday that the conversion to a state-chartered bank that would be regulated by the Kansas Office of the State Bank Commissioner would lower its examination costs by roughly $100,000 a year. He also said the move would improve the bank's overall efficiency because its new federal regulator, the Federal Reserve, also regulates its holding company, Equity Bancshares.
Equity is one of a number of federally chartered banks and thrifts that have recently announced plans to leave the Office of the Comptroller of the Currency in favor of their state regulators. Most cite the reduced examination costs and the desire to be closer to their regulators in the wake of the passage of the Dodd-Frank Act as the primary reasons for making the switch.
Equity has been regulated by the OCC since it was founded in 1985. It filed its conversion application with its state regulator Thursday and it expects the switch to be completed around middle of the year.
