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
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
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.
Joseph B. Smith, 412-261-5037
Senior Vice President