MutualFirst Financial has received all regulatory approvals required for the conversion of its subsidiary MutualBank from a federal savings bank to an Indiana commercial bank charter.
The Indiana Department of Financial Institutions has granted the approval following the review of the conversion application and joint examination of bank with the Federal Deposit Insurance Corporation (FDIC).
Additionally, The Office of the Comptroller accepted notice of the charter conversion while the Federal Reserve Bank of Chicago has approved the company’s application to become a bank holding company following the conversion.
MutualFirst Financial President and CEO David Heeter said that this charter conversion eliminates certain percentage of limits on the amount of our consumer and commercial lending and is expected to reduce our regulatory assessments.
The conversion is expected to complete by 1 January 2012 and FDIC will be the bank’s primary federal regulator.