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The JOBS Act opened the door for more banks to deregister from the SEC. So far, more than 60 banks and thrifts have filed to deregister less than two months after the law was signed.
May 31 -
Tom Considine, who leads the New Jersey Department of Banking & Insurance, has aggressively lobbied federally chartered thrifts, arguing that they're closer than federal regulators, less expensive and they won't dissolve.
July 15
Magna Bank in Memphis, Tenn. has switched to a state charter, dumping the Office of the Comptroller of the Currency in favor of a state regulator that management believes is more familiar with its local market.
The Tennessee Department of Financial Institutions approved Magna Bank's application to convert to a commercial bank from a federal thrift, the $441 million-asset institution said Wednesday. Magna Bank had already received approval to join the Federal Reserve System.
Kirk Bailey, Magna Bank's president and chief executive, said that Tennessee regulators did not recruit management or the board to make the switch. Regulators in other states have admitted to
"Virtually every competitor in our marketplace is a state-regulated institution," Bailey said. "State regulators are very familiar with the names of the lenders and borrowers in this market."
The switch comes about four months after Magna Bank deregistered its common stock, taking advantage of the recently enacted Jumpstart Our Business Startups Act. Magna Bank estimated that deregistration would save it about $105,000 yearly in lower administrative expenses.
Magna Bank is
