The parent company of Fairport Savings Bank has completed its conversion from a federally chartered stock savings bank to a New York-chartered stock savings bank, the company said Thursday.
FSB Community Bankshares Inc. completed the conversion effective June 29. As a result, it now will be regulated by the state’s Department of Financial Services and by the Federal Deposit Insurance Corp. Bank officials said customers will see no disruptions from the charter conversion.
“We believe that (the state) Department of Financial Services has a better understanding of community thrifts like Fairport Savings Bank and therefore is a better fit for us as a regulator,” said Dana Gavenda, president and CEO. “Our regulatory expenses will also be lower going forward, which is good for the bank, our customers and our shareholders.”
The bank received regulatory approval from the state agency for the conversion on May 23, conditioned on approval by the FDIC on its election to be treated as a savings association. The FDIC approval came June 29, and the bank also has received confirmation from the Office of the Comptroller of the Currency that a review of its conversion application was complete, bank officials said.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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