With this conversion, the company is now subject to capital requirements imposed on bank holding companies by the board of governors of the Federal Reserve.
MutualBank president and CEO David Heeter said that their new status as the bank holding company of an Indiana commercial bank more appropriately reflects who we are, a community commercial bank serving the Indiana markets in which we have offices.
"This charter conversion eliminated limits and mandates that required us to maintain a concentration in residential mortgage loans and limited our ability to engage in consumer and commercial lending," added Heeter.
MutualBank has thirty-two full-service retail financial centers in Delaware, Elkhart, Grant, Kosciusko, Randolph, St. Joseph and Wabash Counties in Indiana.
