GOUVERNEUR, N.Y., Oct. 4, 2013 /PRNewswire/ -- Gouverneur Bancorp,
Inc. (OTCQB Markets: GOVB), the holding company for Gouverneur
Savings and Loan Association (the "Bank"), today announced that the
Bank has submitted an application to the New York State Department of Financial
Services to convert its charter from a federally-chartered savings
and loan association to a New
York-chartered savings and loan association.
Charles C. Van Vleet, Jr.,
President and Chief Executive Officer of Gouverneur Bancorp,
commented, "Our Board of Directors believes that the charter
conversion is in the best interests of Gouverneur Bancorp, the
Bank, our customers and the communities we serve because it is
consistent with and promotes our community banking focus.
From our customers' perspective, the charter conversion should have
no material impact as the terms and conditions of our loans and
deposit accounts will not be affected by the charter change."
Subject to receiving the necessary regulatory approvals, the
charter conversion is expected to be completed in fourth quarter of
calendar year 2013 or the first quarter of calendar year
2014. As a result of the charter conversion, the New York State Department of Financial
Services and the Federal Deposit Insurance Corporation will be the
Bank's primary regulators. The Federal Reserve Board will
continue to be the primary banking regulator for Cambray MHC and
Gouverneur Bancorp, Inc., both of which will remain as savings and
loan holding companies following the charter conversion.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur
Savings and Loan Association. Gouverneur Savings and Loan
Association is a federally-chartered savings and loan association
that operates two full-service offices in New York.
This press release may contain forward-looking statements.
Such forward-looking statements typically can be identified by the
use of forward-looking terminology such as "believes", "expects",
"may", "intends", "will", "should", "anticipates", or the negative
of any of the foregoing or other variations thereon or comparable
terminology, or by discussion of strategy. Forward-looking
statements are subject to certain risks and uncertainties such as
local economic conditions, competitive factors, and regulatory
limitations. Actual results may differ materially from those
projected in the forward-looking statements. We caution readers not
to place undue reliance on these forward-looking statements. They
only reflect management's analysis as of this date. Such risks,
uncertainties and other factors that could cause actual results and
experience to differ from those projected include, but are not
limited to, the following: the effects of new laws and regulations;
ineffectiveness of the business strategy due to changes in current
or future market conditions; the effects and unanticipated expenses
related to the charter conversion of our banking subsidiary from a
federal to a state charter; the effects of economic deterioration
on current customers; the effects of competition, and of changes in
laws and regulations on competition, including industry
consolidation and development of competing financial products and
services; interest rate movements; difficulties in integrating
distinct business operations, including information technology
difficulties; disruption from the transaction making it more
difficult to maintain relationships with customers and employees,
and challenges in establishing and maintaining operations in new
markets; and volatilities in the securities markets.
Gouverneur Bancorp, Inc. does not revise or update these
forward-looking statements to reflect events or changed
circumstances.
SOURCE Gouverneur Bancorp, Inc.
