July 5 – MS Bancorp Inc. (Nasdaq:CMSB), the corporate parent of Community Mutual Savings Bank, has announced that the bank completed its conversion from a federally chartered savings bank to a New York state-chartered savings bank after receiving approval from the New York State Department of Financial Services and a non-objection from the Office of the Comptroller of the Currency. The effective date and time of the conversion was at the close of business on June 29, 2012. In connection with the conversion, the bank changed its name to CMS Bank, and is currently in the process of implementing such name change.
As a result of the charter conversion, the NYSDFS is now the bank’s primary regulator and the FDIC is the bank’s primary federal regulator. The company will continue to be regulated as a savings and loan holding company by the Federal Reserve Bank of Philadelphia as long as the bank continues to meet the requirements to remain a qualified thrift lender under the Home Owners’ Loan Act. The bank expects to benefit from annual cost savings in the form of lower supervisory assessment fees resulting from being regulated by the NYSDFS, without any anticipated material adverse impact on the bank’s customers, current activities or investments.
Similarly, the charter conversion will not affect the terms and conditions of any loan and deposit accounts.
“Our board of directors believes that the bank’s conversion to a New York state-chartered savings bank will best position the bank to execute our business plan and compete in our market, in an efficient manner. We look forward to working with the NYSDFS, which is focused on working with local New York banks. This is an exciting new chapter for the bank, the company and the communities that we serve,” commented John E. Ritacco, the company’s president and CEO.
About the Company and Bank
The company is a savings and loan holding company headquartered in White Plains, N.Y., with total consolidated assets of $247 million at March 31, 2012. The company’s principal business is to operate the bank, which conducts its operations mainly through its corporate administrative office in White Plains, and five retail banking offices located in the communities of Eastchester, Greenburgh, Mount Vernon, West Harrison and Mount Kisco, in Westchester County, New York. The bank’s deposits are insured up to the applicable legal limit by the FDIC. More information about the company and bank can be found on the bank’s website at www.cmsbk.com.