A tiny Lexington, N.C., thrift that last month put state and federal regulators at odds over stock savings bank conversions has revised its course of action.

Perpetual Savings Bank, a $38 million-asset thrift located 20 miles south of Winston-Salem, last week applied to state regulators to convert from a mutual to a stock savings bank and then to a commercial bank.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.