Like others who manage thrifts across the country, Herbert G. Chorbajian has an ambitious plan to turn Albank Financial Corp. into a commercial bank.

But unlike his peers, Mr. Chorbajian is not in a change-or-be-acquired situation. The 58-year-old chairman, president, and chief executive officer seems to have time on his side to transform $3.5 billion-asset Albank from a residential mortgage maker into a successful lender to small and midsize businesses.

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