Northeast Indiana Bancorp, Inc. Announces Charter Conversion For The Company And The Bank
HUNTINGTON, Ind., May 31, 2012 /PRNewswire/ -- Northeast Indiana Bancorp, Inc., (OTCQB: NIDB), the holding company of First Federal Savings Bank (Bank), has announced that the Bank will convert from a federal thrift charter to an Indiana commercial bank charter effective June 30, 2012. The bank's charter conversion has already been approved by the Indiana Department of Financial Institutions (DFI) and the Federal Deposit Insurance Corporation (FDIC) who will jointly supervise the Bank following the conversion date. Additionally, Northeast Indiana Bancorp, Inc. will be converted from a savings and loan holding company to a bank holding company and subject to supervision by the Federal Reserve Bank of Chicago (FED). The Company's application to become a bank holding company has already been approved by the FED.
Michael S. Zahn, President and CEO of the Company, stated, "We are excited about the opportunities we have under our new charter. As we have evolved over the years, we feel this state commercial bank charter best matches how we will continue to do business moving forward."
Northeast Indiana Bancorp, Inc. is headquartered at 648 N. Jefferson Street, Huntington, Indiana. The company offers a full array of banking and financial brokerage services to its customers through its main office in Huntington and four full-service Indiana offices in Huntington (2), Warsaw and Fort Wayne. The Company is traded on the OTC Markets Group, Inc. (www.otcmarkets.com) utilizing the OTCQB platform under the symbol "NIDB". Our web site address is www.firstfedindiana.com.
SOURCE Northeast Indiana Bancorp, Inc.Back to top