HONOLULU, Nov. 1, 2013 (GLOBE NEWSWIRE) -- Territorial Bancorp Inc. (Nasdaq:TBNK) (the "Company"), headquartered in Honolulu, Hawaii, the holding company parent of Territorial Savings Bank, announces that on October 31, 2013, the Board of Directors of Territorial Savings Bank (the "Bank") approved an application which will be filed with the Division of Financial Institutions, State of Hawaii, under which the Bank would convert from a federal savings bank to a Hawaii-chartered savings bank. As part of the charter conversion, the Bank intends to file an application with the Federal Reserve Bank of San Francisco ("Federal Reserve") to become a member bank. The holding company will continue to be regulated by the Federal Reserve and expects to remain a savings and loan holding company. The charter conversion remains subject to regulatory approvals, and no timetable has been established for the completion of the charter conversion.
Allan Kitagawa, Chairman and Chief Executive Officer stated: "These changes, if approved, will lower the regulatory cost to the Bank. In addition, the Bank and holding company will have the same federal regulator."
Forward-looking statements - this press release contains forward-looking statements, which can be identified by the use of words such as "estimate," "project," "believe," "intend," "anticipate," "plan," "seek," "expect," "will," "may" and words of similar meaning. These forward-looking statements include, but are not limited to:
These forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this release.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:
Because of these and a wide variety of other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements.
Walter Ida (808) 946-1400
Territorial Bancorp Inc.
Honolulu, Hawaii, UNITED STATES
Walter Ida (808) 946-1400
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