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Gouverneur Bancorp converting its charter

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GOUVERNEUR — Gouverneur Bancorp Inc., the holding company for Gouverneur Savings & Loan Association, announced Friday that the bank has submitted an application to the state Department of Financial Services to convert its charter from a federally chartered savings and loan association to a state-chartered savings and loan association.

As a result of the conversion, the Department of Financial Services and the Federal Deposit Insurance Corp. will be the bank’s primary regulators.

The Federal Reserve Board will continue to be the primary banking regulator for Cambray Mutual Holding Co. and Gouverneur Bancorp, both of which will remain as savings and loan holding companies following the conversion.

“Our Board of Directors believes that the charter conversion is in the best interests of Gouverneur Bancorp, the Bank, our customers and the communities we serve because it is consistent with and promotes our community banking focus,” Charles C. Van Vleet Jr., president and chief executive officer of Gouverneur Bancorp, said in a prepared statement.

“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 change,” Mr. Van Vleet said.

Subject to receiving the necessary regulatory approvals, the conversion is expected to be completed in the fourth quarter of 2013 or the first quarter of 2014.

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