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DLLR News

 

Baltimore County Savings Bank Converts to State-Chartered Bank

 

BALTIMORE, MD (September 30, 2011) – The Maryland Department of Labor’s (DLLR) Office of the Commissioner of Financial Regulation, led by Commissioner Mark Kaufman, today announced the successful conversion of Baltimore County Savings Bank (BCSB) from a federally-chartered stock savings bank to a Maryland state-chartered commercial bank. BCSB is wholly-owned by BCSB Bancorp, Inc., a Maryland corporation and bank holding company. This charter conversion was approved by the Office of the Commissioner of Financial Regulation working with the Federal Reserve Bank of Richmond.

“Community banks are a vital resource to Maryland's small businesses and homeowners,” said Maryland Labor Secretary Alexander M. Sanchez. “We are pleased that Baltimore County Savings Bank has taken the steps to convert to a State-charted bank and excited to see their growing contribution to our community.”

Originally founded in 1955, BCSB has grown steadily and now has assets of $625 million, with 17 locations throughout central and northeastern Maryland. BCSB intends to continue meeting the financial needs of its customers following this conversion. According to Joseph J. Bouffard, BCSB President and CEO, “Our Board of Directors believes that the charter conversion is in the best interests of the Company, the Bank, our customers, depositors, and the communities we serve because it is consistent with and promotes our community banking focus.”

“We are very pleased to welcome Baltimore County Savings Bank as a State-chartered bank,” said Commissioner Kaufman. “As Commissioner, I am committed to our community banks, which play a vital role in our local economy, and I look forward to working with BCSB as they continue to successfully grow in the years ahead.”

The Office of the Commissioner of Financial Regulation is the primary regulator for the financial institutions chartered in Maryland, including all state-chartered banks, credit unions, and trust companies, as well as all non-depository mortgage brokers, servicers, and lenders licensed by Maryland.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy. Follow DLLR on Twitter (@MD_DLLR) and Facebook.