December 06, 2013
Contact: Matt Anderson, 212-709-1691
SUPERINTENDENT LAWSKY ANNOUNCES THREE ADDITIONAL BANKS CONVERT TO NEW YORK STATE CHARTERS
DFS Approves Banks Headquartered in the North Country, Hudson Valley, and New York City to Convert from Federal to State Charter
11 Banks Have Now Converted from Federal to State Regulation since Formation of DFS in 2011
Benjamin M. Lawsky, Superintendent of Financial Services for the State of New York, today announced that the Department of Financial Services (DFS) has approved three additional banks to convert to New York State charters. With today’s announcement, a total of 11 banks will have converted from federal to state regulation since DFS’s formation in 2011.
The three banks that are converting to state charters as part of today’s announcement are Gouverneur Savings and Loan Association in the North Country, The Mahopac National Bank (whose new name will be Mahopac Bank) in the Hudson Valley, and Metropolitan National Bank (whose new name will be Metropolitan Commercial Bank) in New York City. The effective dates of all three conversions will be December 31, 2013.
Superintendent Lawsky said, “We are seeing an increasing number of banks convert to New York charters, which is a trend we expect to continue. As a state banking regulator, we are accessible, responsive, and familiar with the needs and local markets of New York’s community banks.”
Banks are able to choose to operate under federal or state charters. The banks converting to state charters had been regulated by the Office of the Comptroller of the Currency (OCC).
Additional information about the banks converting to state charters is included below.
Gouverneur Savings and Loan Association
Gouverneur Savings and Loan Association, founded in 1892 in Gouverneur, New York, serves a primary market area of southern St. Lawrence county and northern Jefferson and Lewis counties. The bank focuses on residential mortgage loans secured by one-to-four family residences. Its total assets are approximately $144 million.
Charles C. Van Vleet, Jr., President and Chief Executive Officer of Gouverneur Savings and Loan Association, said: “The conversion of our charter to a New York State chartered savings and loan association is consistent with and promotes our community banking focus.”
The Mahopac National Bank
The Mahopac National Bank, founded in 1927 in Mahopac, New York, is a full service commercial bank that operates 15 banking offices in Putnam, Dutchess and Westchester counties. The bank’s total assets are approximately $980 million.
Gerald Klein, President & CEO of The Mahopac National Bank, said: "We are excited to become a state chartered bank consistent with our affiliate banks, The Bank of Castile and Tompkins Trust Company. This move will allow for a more consolidated regulatory process and local focus which fits with our community bank model.”
Metropolitan National Bank
Metropolitan National Bank, established in New York City in 1999, engages in general lending and deposit activities, principally for middle-market businesses with annual revenues of $100 million or less and real estate entrepreneurs with a net worth of $5 million or more. The bank has total assets of approximately $625 million.
Mark R. DeFazio, President and CEO of Metropolitan National Bank, said: “Our Board of Directors has determined that the Bank’s conversion to a New York state-chartered commercial bank will best position the Bank in continuing to execute our business strategy and to compete in the New York market. The conversion process with the NYSDFS has been seamless. The NYSDFS has shown great enthusiasm and they are truly in touch with the nuances and opportunities of our market. We look forward to benefiting from the insight and oversight of two locally focused regulators. This is an exciting new chapter for the Bank, our customers, depositors and the communities we serve because it is consistent with and promotes our community banking focus.”