This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Gouverneur Savings And Loan Association Receives Regulatory Approval To Complete Charter Conversion

Stocks in this article: GOVB

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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs