Northeast Community files application to convert to a NY-chartered savings bank

News Breaks December 27, 2011 17:02 EDT NECB theflyonthewall.com: Northeast Community files application to convert to a NY-chartered savings bank NorthEast Community Bancorp announced that the bank has submitted an application to the New York State Department of Financial Services to convert its charter from a federally-chartered savings bank to a New York-chartered savings bank. Subject to receiving the necessary regulatory approvals, the charter conversion is expected to be completed in second or third quarter of FY12. As a result of the charter conversion, the New York State Department of Financial Services and the Federal Deposit Insurance Corporation will be the Bank's primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for NorthEast Community Bancorp, MHC and NorthEast Bancorp, both of which will remain as savings and loan holding companies following the charter conversion. :theflyonthewall.com

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Source: http://www.theflyonthewall.com/permalinks/entry.php/NECBid1550489/NECB-Northeast-Community-files-application-to-convert-to-a-NYchartered-savings-bank

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