GOUVERNEUR, N.Y., Dec. 10, 2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTCQB Market: GOVB) the holding company for Gouverneur Savings and Loan Association (the "Bank"), today announced that the Bank has received all regulatory approvals necessary for its proposed conversion from a federally chartered stock savings and loan association to a New York State chartered stock savings and loan association. The charter conversion is expected to occur on December 31, 2013.
Charles C. Van Vleet, Jr., President and Chief Executive Officer of the Gouverneur Bancorp, Inc. and the Bank, commented, "The conversion of our charter to a New York State chartered savings and loan association is consistent with and promotes our community banking focus. Our regulatory expenses will also be lower going forward, which is good for the bank, our customers and our shareholders. Finally, from our customers' perspective, the charter conversion should have no material impact as the terms and conditions of our loans and deposit accounts will not be affected by the charter change."
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 Cambray Mutual Holding Company and Gouverneur Bancorp, Inc., both of which will remain savings and loan holding companies.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association. Gouverneur Savings and Loan Association is a state chartered savings and loan association that operates two full-service branches in New York.
SOURCE Gouverneur Bancorp, Inc.