News Column

Banking and Securities Department Announces Conversion of Jim Thorpe Bank to Pennsylvania State Charter

February 19, 2014



HARRISBURG, Pa., Feb. 19 -- The Pennsylvania Department of Banking and Securities issued the following news release:

Secretary of Banking and Securities Glenn E. Moyer announced the approval of The Jim Thorpe National Bank's application to convert to the Pennsylvania state charter. The bank is now known as Jim Thorpe Neighborhood Bank (JTNB).

"We have been seeing a number of banking executives and boards recognize the desirability of the state charter," said Moyer. "We are accessible, responsive, and familiar with the needs and local markets of Pennsylvania's community banks, while being firm and fair in our supervisory practices."

Jim Thorpe Neighborhood Bank is the oldest financial institution in Carbon County, founded as Mauch Chunk Bank in 1855. JTNB changed its name and was established as a national bank in 1902. In addition to its headquarters and two additional branches in Jim Thorpe, the bank operates branches in Lansford, Lehighton and Nesquehonig.

"Our bank's board carefully evaluated whether the federal or state charter best supported our business model. We are very pleased with our conversion to the state charter," said Craig Zurn, president and CEO of Jim Thorpe Neighborhood Bank. "Our customers can expect the same friendly, personalized service that our employees have always given."

A total of 16 Pennsylvania banks have converted from federal to state oversight since 2011.

For more information about the Department of Banking and Securities, visit www.dobs.state.pa.us or call (toll-free) 1-800-PA-BANKS (800-722-2657).

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Source: Targeted News Service


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