GOUVERNEUR The state Department of Financial Services has approved for Gouverneur Savings & Loan Association to convert from federal to state regulation, joining 10 other banks that have made the switch since the departments formation in 2011.
The effective date for the conversion will be Dec. 31.
Banks may choose to operate under federal or state charters. Gouverneur Savings & Loan has been regulated by the Office of the Comptroller of the Currency.
Gouverneur Savings & Loan primarily serves southern St. Lawrence County and northern Jefferson and Lewis counties, focusing on residential mortgages.
The conversion of our charter to a New York State chartered savings and loan association is consistent with and promotes our community banking focus, Gouverneur Savings & Loan President and CEO Charles C. Van Vleet Jr. said in a statement.