Phoenixville Federal Bank and Trust Is Now State-Chartered

The change, which went into effect August 21, means the bank will now be regulated by the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking and Securities (DOBS), rather than the Office of the Comptroller of the Currency (OCC.)

“The state charter assessment fees are a fraction of the cost of the federal regulators and membership fees. Also, the Pennsylvania Department of Banking has a better understanding of our business model and the local economy,” P. Douglas Darlington, President/COO said as part of the announcement.