Phoenixville Federal Bank & and Trust in Pennsylvania has converted to a state charter.

The $386 million-asset mutual's new charter took effect on Aug. 21 bank, after receiving approval from the bank's membership. The Pennsylvania Department of Banking and Securities had previously approved the change.

As a result of the switch, the bank's federal regulator is now the Federal Deposit Insurance Corp., instead of the Office of the Comptroller of the Currency.

Phoenixville, which was established in 1911, switched charters to reduce expenses, since state assessment fees are lower than federal fees, Douglas Darlington, chief operating officer, said in a news release.

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