Dollar Bank Vote Passes to Reorganize as a Mutual Holding Company
PITTSBURGH--(BUSINESS WIRE)--Oct 5, 2018--Dollar Bank today announced that its members have overwhelmingly approved its proposal to reorganize from a mutual savings bank to a mutual holding company format, with 96% of voting members approving the transaction.
Dollar Bank has received the necessary regulatory approvals for the reorganization, including approvals from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency. The reorganization is expected to be complete in early December.
The reorganization will not cause any change to the full complement of the services provided to Dollar Bank’s personal and business banking customers nor any changes to any customer deposit accounts, loans, personnel, locations or operations in general.
Dollar Bank’s primary goal in restructuring into a mutual holding company format is to preserve and enhance its mutual structure, which it believes benefits all its constituents, including its customers, employees and the communities it serves. Dollar Bank’s management and Board of Directors believe the reorganization will provide Dollar Bank with greater flexibility for growth and allow it to prosper long term and continue to provide the exceptional services our customers have come to expect.
About Dollar Bank
Dollar Bank has assets of more than $8.5 billion. Today, Dollar Bank operates more than 70 locations throughout Pennsylvania, Ohio and Virginia and has over 1,300 employees. For more than 160 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank ( www.dollar.bank ) is headquartered in Pittsburgh, Pennsylvania.
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CONTACT: Dollar Bank
Joseph B. Smith, 412-261-5037
Senior Vice President
KEYWORD: UNITED STATES NORTH AMERICA OHIO PENNSYLVANIA VIRGINIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES
SOURCE: Dollar Bank
Copyright Business Wire 2018.
PUB: 10/05/2018 11:31 AM/DISC: 10/05/2018 11:31 AM