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NorthEast Community Bank submits application to convert to New York-Chartered Savings Bank

NorthEast Community Bank has submitted an application to the New York State Department of Financial Services to convert its charter from a federally-chartered savings bank to a New York-chartered savings bank.

The New York State Department of Financial Services and the Federal Deposit Insurance Corporation will be the bank’s primary regulators as a result of the charter conversion.

The Federal Reserve Board will continue to be the primary banking regulator for NorthEast Community Bancorp, which will remain as savings and loan holding companies following the charter conversion.

NorthEast Community Bancorp president and CEO Kenneth Martinek said that the terms and conditions of their customers loans and deposit accounts will not be affected by the charter change.

The charter conversion, which is subject to receiving the necessary regulatory approvals, is expected to be completed in second or third quarter of 2012.

NorthEast Community Bank is a federally chartered savings bank that operates four full-service offices in New York, two full service branches in Danvers and Plymouth, Massachusetts and a loan production office in Danvers, Massachusetts.