SAN JUAN, Puerto Rico -- First Federal Savings Bank of Puerto Rico said its board approved a plan to convert to a state-chartered commercial bank.

The thrift said it must get approvals from the Office of Thrift Supervision, the Puerto Rico commissioner offinancial institutions, and its own shareholders, as well as a ruling from the Internal Revenue Service.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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