Family Bancorp to convert to federal charter.HAVERHILL, Mass.--(BUSINESS WIRE)--Aug. 29, 1995--Family Bancorp (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 : FMLY) today announced that it has submitted an application to the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. (OTS See Office of Thrift Supervision. ) to convert its Massachusetts state chartered subsidiary, The Family Mutual Savings Bank Mutual savings bank A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees. to a federally chartered institution to be known as Family Bank, FSB. Simultaneously, Family Bancorp's New Hampshire chartered subsidiary, Family Bank of New Hampshire will be merged into Family Bank, FSB creating a single operating entity having 15 banking offices in Massachusetts and six in New Hampshire. As a result, Family Bancorp will become a unitary savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company. David D. Hindle, 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. commented that, "This action is being taken to eliminate the confusion and frustration experienced by our customers who today are restricted by antiquated laws from conducting banking business across state lines. Interstate banking legislation will not permit our two banks to merge until June 1997. The proximity of the company's banking offices in Massachusetts and New Hampshire cries for a more expeditious resolution of this problem." In addition to the improved customer service afforded by this action, the company will gain operating efficiencies by the elimination of the duplicate structure. Deposits will continue to be covered by FDIC/BIF insurance. The approval process should be completed prior to year-end. CONTACT: Family Bancorp George E. Fahey, 508/374-1911 |
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