2011-07-05 / Front Page

Owen Community Bank, s.b. Announces Charter Change

Effective as of July 1, 2011, Home Financial Bancorp became a bank holding company within the definition of the Bank Holding Company Act and is now regulated by the Board of Governors of the Federal Reserve System. Its sole banking subsidiary, Owen Community Bank, has become a state chartered commercial bank and is now regulated by the Indiana Department of Financial Institutions. All approvals by its regulators have been received and statutory waiting periods have expired. This change does not affect the deposit insurance provided by the FDIC to depositors.

According to President and CEO Kurt D. Rosenberger, “This conversion of Owen Community Bank, s.b. from a federally chartered savings bank to a state commercial bank positions the bank to reduce its regulatory costs and compete more effectively in its market area.”

Home Financial Bancorp and Owen Community Bank, s.b. are headquartered in Spencer (picture above), with an additional office in Cloverdale. (Staff Photo)

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