Charter conversions

The Office of the Comptroller of the Currency announced that Stephen Lybarger will assume the role of Senior Deputy Comptroller for Chartering and Will Giles will be Principal Deputy Chief Counsel amid a surge in fintech and crypto trust charter applications.

Somerset Savings Bank will convert to a stock-owned bank before merging with Regal Bancorp, the holding company for the $545 million-asset Regal Bank, also in New Jersey.

A recently approved TIP charter, the latest in a series of growth initiatives over the last five years, will allow the Tampa-based credit union to serve anyone working in the medical field statewide.

The regulator's order moves the San Francisco-based company one step closer to becoming the first online lender to own a bank.

The Gainesville, Fla.-based credit union has converted from a federal to a state charter and will debut its new brand identity early next month.

The credit union now has a community charter to serve seven counties in addition to several select employee groups.

The Pittsburgh-based institution can now serve more than a dozen municipalities in the Keystone State.

The two institutions are part of the continuing trend of federally chartered credit unions converting to state charters in a push for greater flexibility and membership growth.

The Georgia-based credit union hopes to gain more flexibility to widen its field of membership by switching from a federal charter.

The push to revive the District charter began in 2001, nearly 40 years after the original rule was repealed and CUs there adopted the federal charter.