Due to the renovation of the bank, it will be governed by New York State’s Department of Financial Services and by the Federal Deposit Insurance Corporation (FDIC).
The bank said that due to conversion process, the daily banking business has no disruption and customers can carry their banking transition as usual.
Fairport Savings Bank president and CEO Dana C Gavenda said the bank believes that New York State’s Department of Financial Services has a better understanding of community thrifts like Fairport Savings Bank and therefore is a better fit for the bank as a regulator.
"However, the charter conversion will have no visible change on how our customers interact with our bank. Customers can count on the same great experience they’ve come to expect over our nearly 125 years in business," Gavenda said.
The New York State Department of Financial Services granted approval to Fairport Savings Bank in May for conversion, while FDIC approved the same proposal in June, thus the bank completed the conversion process.
