The $1 billion-asset bank filed applications with the Federal Deposit Insurance Corp. and the Office of the Comptroller of
the Currency tied to the initiative. The filings weren’t immediately available.
In a legal notice filed in conjunction
with the applications, Piedmont Federal said it is planning to reorganize into a federal mutual holding company.
Piedmont
Federal has had four charter changes since its formation in 1903, according to
its website.
The
most recent change occurred in 2008 when the bank switched from a savings and
loan association to a federal savings bank. At the same time, Piedmont Federal
Savings & Loan became Piedmont Federal Savings Bank.
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