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HELENA, Mont., May 8, 2014 (GLOBE NEWSWIRE) -- Eagle Bancorp Montana, Inc. (Nasdaq:EBMT), (the "Company," "Eagle"), today announced that its subsidiary, American Federal Savings Bank ("American Federal", the "Bank") has applied to the State of Montana for a commercial bank charter. Once approved, the bank plans to rename itself "Opportunity Bank of Montana™."
Montana's Banking Commissioner informed Eagle that its application for an interim bank charter has been deemed complete. The regulatory process will include a merger application to allow for the interim bank to merge with the existing American Federal Savings Bank. The entire approval process will take three to four months to complete. Eagle will become a bank holding company as a result of the bank's charter change.
"Our bank has succeeded in Montana for more than 90 years, because we focus on providing the best service with highly competitive rates to our customers. We are dedicated to a seamless integration of our new brand and our new name into the communities, the businesses, the families and the individuals who we serve every day," stated Pete Johnson, President and Chief Executive Officer. "We are proud of our long-term success, our heritage of financial security and reliability, and plan to continue building on it. As we transition to Opportunity Bank of Montana, we will remain true to our history and look to the future with confidence in our customers and our ability to serve their banking needs. We are confident that our exciting new approach to the Montana marketplace will foster even greater innovation, efficiency and customer service on both a short and long-term basis."
The leadership, community-based branch managers and employees of American Federal are reaching out to their customers and prospective customers to help ensure that they understand the positive nature of this rebranding of the bank.
"Throughout the modern history of Montana, the people of our bank have played integral roles in the successful job creation and economic vibrancy of the communities we serve," said Larry Dreyer, Chairman of the Board of Directors. "Over the course of the past nine decades, the people of our bank have embraced the many changes our communities have experienced and have helped achieve positive results. While our name is changing, our mission and values are the foundation of our success and that of the people, businesses, ranches and farms who we serve."