PITTSBURGH--(BUSINESS WIRE)--Dollar Bank announced today that it has filed an application for regulatory approvals with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency to become a mutual holding company. The primary goal of converting to a mutual holding company is to protect mutuality as a banking option for individuals and businesses. Dollar Bank’s management and Board of Directors believes this change will provide the growth capability needed to prosper longer term and continue to provide the exceptional services our customers have come to expect.
Jim McQuade, President and CEO of Dollar Bank stated, “Dollar Bank’s management remains firm in their belief that mutuality is the purest form of banking. Many mutual banks across America are structured as mutual holding companies today. This change will provide the growth capability Dollar Bank needs to remain successful long-term.”
The decision to apply to become a mutual holding company reflects Dollar Bank’s recent rapid growth and its approaching the $10 billion asset level as defined by the Dodd-Frank Reform Act of 2010. At this new asset level, Dollar Bank will incur increased operating costs caused by additional regulatory requirements. It is critically important that Dollar Bank grow through appropriate merger and acquisitions to ensure long-term success as an organization. The mutual holding company can also acquire an institution and keep it as a wholly owned subsidiary. There is currently no planned acquisition. The mutual holding company simply provides senior management and the Board of Directors with greater resources.
The conversion to a mutual holding company will result in no changes to Dollar Bank’s personal and business banking customers. There will also be no changes to Dollar Bank’s personnel, locations or operations in general.
About Dollar Bank
Dollar Bank has assets of more than $8 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.