BCSB Bancorp, Inc.'s Banking Subsidiary Converts to a State-Chartered Commercial Bank
BCSB Bancorp, (NASDAQ: BCSB), the holding company for Baltimore County Savings Bank (the "Bank"), announced today that the Bank has converted from a federally-chartered stock savings bank to a Maryland-chartered commercial bank effective close of business today.
Joseph J. Bouffard, President and Chief Executive Officer of the Bank and the Company, stated, "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. From our customers' perspective, the charter conversion should be transparent. We will continue to operate under the Baltimore County Savings Bank name from our current branch offices. The terms and conditions of our customers' loans and deposit accounts will not be affected whatsoever. And, most importantly, the deposit accounts of our customers will continue, without interruption, to be insured by the FDIC up to the applicable $250,000 legal limit."
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