Teche Holding Co. in New Iberia, La., said Wednesday that it has completed the charter conversion for Teche Federal Bank. The $782 million-asset company switched its unit to a state bank from a federally chartered thrift in a move that will reduce the company's regulatory fees by $100,000 annually.
Patrick Little, the company's president and chief executive, said in a press release that the Dodd-Frank Act removed most of the advantages of having the savings bank charter. The Office of Thrift Supervision, which oversees thrifts, is scheduled to merge with the Office of the Comptroller of the Currency next month.
