FDIC approves charter change for BSB.BINGHAMTON, N.Y.--(BUSINESS WIRE)--July 5, 1995--It's official. The Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) has approved Binghamton Savings Bank's application to change its charter to a state-chartered commercial bank and trust company. The conversion should be completed by August 1, 1995. Along with the change in charter, the bank will operate under a new name, BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Bank & Trust. According to William H. Rincker, bank president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , the purpose of the conversion is to operate under the laws and regulations that best fit the kind of diversified, full-service financial institution the bank has become. "As we have pointed out before, our transformation into a community-based commercial bank has been developing for the past several years," said Rincker. "We provide a broad scope of deposit and loan products to area businesses and consumers, alike, and we offer a full range of trust and pension services. As we move forward, BSB Bank & Trust will continue to expand our product and service offering to meet the needs of the customers we serve." Rincker added that the new name will identify the institution as a commercial bank, while the "BSB" adds a degree of familiarity that customers will identify with. "In reality, BSB has been a commercial bank for some time," said Kevin Timmons, a banking industry analyst with First Albany. "Just look at their balance sheet and their loan portfolio." Timmons also added that a major benefit of the charter change is the ability BSB will have to engage in municipal banking activities. He said, given the bank's prominence in the region and their significant market share, the addition of municipal bank services should create an important opportunity for BSB. Rincker pointed out that after the conversion takes place, the bank and its employees will interact with customers, the general public, and shareholders exactly as it has in the past. Although the bank's name will change, customers will not need to replace checks, passbooks, account or loan agreements. BSB, a subsidiary of BSB Bancorp Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), is the largest, independent bank headquartered in the Southern Tier region, with 12 offices in Broome, Chenago, Tioga and Chemung counties. CONTACT: Binghamton Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. William H. Rincker, 607/779-2551 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion