Four federally-chartered banks have been approved to be convert to New York State charters, said Benjamin Lawsky, the superintendent of the state Department of Financial Services.
The four banks are the Dime Savings Bank of Williamsburgh in Brooklyn; Community Mutual Savings Bank of Mt. Vernon in Westchester County; NorthEast Community Bank of White Plains in Westchester County and Fairport Savings Bank of Fairport in Monroe County.
Banks are able to choose to operate under federal or state charters, Lawsky said. The banks converting to state charters had been regulated by Office of the Comptroller of the Currency (OCC).
“Strengthening the state charter system is one of the department’s major objectives because it encourages banks to grow and create jobs for New Yorkers,” Lawsky said in a statement. “Converting to state charters makes good business sense. It allows banks to be supervised by regulators who have a great understanding of the banks’ local business dynamics. Banks are finding state regulators to be accessible, flexible and responsive to their needs.”
Lawsky said six banks in New York have converted to state charters since last year.
Here’s some information about the banks, according to Lawsky’s office:
— The Dime Savings Bank of Williamsburgh focuses on residential mortgages and commercial lending. The bank has assets of $4 billion. The Dime is the largest bank to convert to a state charter since the financial services department was formed.
— Community Mutual Savings Bank focuses on residential, commercial real estate, consumer and small businesses loans, primarily in Westchester, Dutchess, and Putnam Counties, as well as Fairfield County, Conn. The bank has assets of $247 million.
— NorthEast Community Bank serves savings bank customers in New York and neighboring states. The bank has assets of $492 million.
— Fairport Savings Bank focuses on originating one-to-four-family residential real estate mortgage loans and home equity lines of credit, as well as commercial real estate, construction and consumer loans. The bank has assets of $214 million.