Baltimore County Savings Bank said the Office of Thrift Supervision has lifted the supervisory agreement under which it has been operating since December 2005.
The OTS had ordered the $616 million-asset Baltimore thrift to revise its policies and procedures on compliance with the Bank Secrecy Act and the Flood Disaster Protection Act, as well as its underwriting for indirect auto loans.
The agreement's lifting is expected to help reduce the thrift's annual expenses, primarily its deposit insurance premium, by $200,000 to $300,000, its parent company, BCSB Bankcorp Inc., said Tuesday.
BCSB, a mutual holding company, also said that it has revived a plan to convert to a 100% stock-owned company. In December it put the plan, announced in February of last year, on hold because of weak demand for thrift stocks.
