Dollar Bank Completes Holding Company Reorganization
Today Dollar Bank completed its reorganization from a mutual savings bank to a mutual holding company. From this point forward, Dollar Bank operates under a mutual holding company structure with Dollar Mutual Bancorp (a mutual entity without shareholders) owning 100% of the common stock of Dollar Bank, Federal Savings Bank.
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 of 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 to expect.
In April, Dollar Bank applied for and subsequently received the necessary regulatory approvals to reorganize 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.
On October 5, 2018, Dollar Bank members overwhelmingly approved its proposal to reorganize from a mutual savings bank to a mutual holding company format, with 96% of members who cast votes approving the transaction.
About Dollar Bank
Dollar Bank has assets of more than $8.6 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.