Dec 17 - Jeffersonville Bancorp Inc. (OTCQB:JFBC), the holding company for the First National Bank of Jeffersonville in New York, has been approved by the New York State Department of Financial Services for conversion from a national to a New York state charter. The conversion will be effective Dec. 21, 2012, at which time the bank will operate under the name "Jeff Bank."
The company expects that the charter conversion will not have a significant impact on the bank's current activities or investments, although the bank expects some annual cost savings as a result of the conversion. The charter conversion also should not adversely affect bank customers and will not affect the terms and conditions of loan and deposit accounts.
Wayne V. Zanetti, president and CEO of the bank, said, "We believe the bank will benefit from the insight and oversight of the NYSDFS, which is focused on local New York community banks and financial institutions. We anticipate that the regulatory oversight of the NYSDFS will be similar to what we have received from our federal regulators in the past, but with a more local orientation."
As a result of the charter conversion, the New York State Department of Financial Services and the FDIC will be the bank's primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for Jeffersonville Bancorp.
Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of The First National Bank of Jeffersonville. Jeff Bank maintains 12 full-service branches in Sullivan County, New York located in Jeffersonville, Liberty, Monticello, Eldred, Loch Sheldrake, Livingston Manor, Narrowsburg, Callicoon, WalMart/Monticello, White Lake, Wurtsboro and Bloomingburg.