GOUVERNEUR, N.Y., Dec. 10,
2013 /PRNewswire/ -- Gouverneur Bancorp, Inc. (OTCQB Market:
GOVB) the holding company for Gouverneur Savings and Loan
Association (the "Bank"), today announced that the Bank has
received all regulatory approvals necessary for its proposed
conversion from a federally chartered stock savings and loan
association to a New York State
chartered stock savings and loan association. The charter
conversion is expected to occur on December
31, 2013.
Charles C. Van Vleet, Jr.,
President and Chief Executive Officer of the Gouverneur Bancorp,
Inc. and the Bank, commented, "The conversion of our charter to a
New York State chartered savings
and loan association is consistent with and promotes our community
banking focus. Our regulatory expenses will also be lower
going forward, which is good for the bank, our customers and our
shareholders. Finally, from our customers' perspective, the
charter conversion should have no material impact as the terms and
conditions of our loans and deposit accounts will not be affected
by the charter change."
As a result of the charter conversion, the New York State Department of Financial
Services and the Federal Deposit Insurance Corporation will be the
Bank's primary regulators. The Federal Reserve Board will
continue to be the primary banking regulator for Cambray Mutual
Holding Company and Gouverneur Bancorp, Inc., both of which will
remain savings and loan holding companies.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur
Savings and Loan Association. Gouverneur Savings and Loan
Association is a state chartered savings and loan association that
operates two full-service branches in New
York.
SOURCE Gouverneur Bancorp, Inc.