Jeff Bank to Convert to National Charter and Change Name to Jeff Bank, National Association

Rhea-AI Summary

Jeffersonville Bancorp (OTCQB: JFBC) announced that Jeff Bank has been approved by the OCC to convert from a New York State charter to a national charter and will be renamed “Jeff Bank, National Association.”

The bank has six months from May 28, 2026 to complete the conversion, which is expected not to significantly affect current activities, investments, or customer account terms.

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JEFFERSONVILLE, N.Y., June 10, 2026 (GLOBE NEWSWIRE) -- Jeffersonville Bancorp, Inc. (OTCQB - JFBC) (the “Company”), the holding company for Jeff Bank (the “Bank”), announced today that on May 28, 2026, the Bank was approved by the Office of the Comptroller of the Currency (the “OCC”) for conversion from a New York State to a national charter, at which time the Bank will operate under the name “Jeff Bank, National Association”. The Bank has six months from the date of approval to implement the conversion.

The Company expects that the charter conversion will not have a significant impact on the Bank’s current activities or investments. The charter conversion also should not adversely affect Bank customers and will not affect the terms and conditions of loan and deposit accounts.

George W. Kinne, Jr., President and CEO of the Bank, stated: “We believe the conversion to a national charter will streamline the supervisory process required by a state charter whereby regulatory examinations are conducted alternately with the state's financial services regulator and the Federal Deposit Insurance Corporation. In addition to eliminating differences in approach to safety and soundness examinations, under a state charter separate compliance and Community Reinvestment Act examinations are required, which duplicate efforts. A national charter brings the added benefit of federal preemption of state laws, which improves competitiveness, especially as Jeff Bank operates in the State of New York on the borders of two other states, Pennsylvania and New Jersey.”

As a result of the charter conversion, the OCC will be the Bank’s primary regulator. The Federal Reserve Board will continue to be the primary banking regulator for Jeffersonville Bancorp.

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO

FAQ

What charter change did Jeff Bank (OTCQB: JFBC) announce on June 10, 2026?

Jeff Bank plans to convert from a New York State charter to a national charter approved by the OCC. According to Jeffersonville Bancorp, the bank will then operate as “Jeff Bank, National Association.”

When will Jeff Bank, National Association complete its charter conversion approved in May 2026?

Jeff Bank has up to six months from May 28, 2026 to implement its national charter conversion. According to Jeffersonville Bancorp, operations will transition during this window without significant changes to existing activities or investments.

How will Jeff Bank’s national charter conversion affect customers’ loans and deposits?

The charter conversion is not expected to change terms and conditions of existing loan or deposit accounts. According to Jeffersonville Bancorp, the shift to a national charter should not adversely affect Jeff Bank customers’ current banking relationships.

Who will regulate Jeff Bank after its conversion to a national charter?

After conversion, the OCC will become Jeff Bank’s primary regulator under its national charter. According to Jeffersonville Bancorp, the Federal Reserve Board will remain the primary banking regulator for the holding company, Jeffersonville Bancorp.

Why does Jeffersonville Bancorp believe a national charter benefits Jeff Bank (JFBC)?

Management believes a national charter will streamline examinations and reduce duplicative state and federal compliance reviews. According to Jeffersonville Bancorp, federal preemption of certain state laws may also improve competitiveness as Jeff Bank operates near borders with Pennsylvania and New Jersey.

Will Jeff Bank change its name after converting to a national charter?

Yes, following the charter conversion, the bank will operate as “Jeff Bank, National Association.” According to Jeffersonville Bancorp, this new name reflects its national charter while maintaining the Jeff Bank brand across its ten full-service New York branches.