Money tileAthens Bancshares Corp. on Tuesday completed its previously announced conversion from a federal savings bank to a national bank.
The Athens, Tenn., banking firm, which dates back to 1934, changed its name Tuesday to Athens Federal Community Bank, National Association. The bank will continue to operate as Athens Federal Community Bank.
Jeffrey L. Cunningham, president and chief executive for Athens Bancshares, said the conversion to a national bank charter “is an important step in the bank’s evolution from a traditional thrift institution focused primarily on residential mortgage lending to a full-service community financial institution.”
As a national bank, it will be regulated by the Office of the Comptroller of the Currency and its deposit accounts remain insured by the Federal Deposit Insurance Corp. to the extent permitted by law without interruption. The company now operates as a registered bank holding company and remains regulated by the Board of Governors of the Federal Reserve System.
In the first half of 2015, Athens Bancshares earned $1.3 million, or 75 cents per share. The bank’s assets totaled $308 million as of June 30.