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Brookline Bank converts charter


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Brookline Bank converts charter

Brookline Bank converted its charter to a Massachusetts-chartered trust company from a Massachusetts-chartered savings bank July 31.

The Brookline, Mass.-based bank also ended its membership in the Depositors Insurance Fund, which insures deposit balances held by Massachusetts-chartered savings banks in excess of the federal deposit insurance coverage amounts.

The bank's growth in deposit size required it to withdraw from the DIF and the concurrent charter conversion.

The Massachusetts Division of Banks and the Federal Reserve Board will continue to supervise the bank, a unit of Brookline Bancorp Inc.

In addition, the Federal Deposit Insurance Corp. will continue to insure the bank's deposits to applicable limits. Excess deposits that are insured by the DIF on July 31 will continue to be insured by the DIF until July 31, 2020. The DIF will continue to insure term deposits in excess of the FDIC insurance coverage until they reach maturity.

None of the bank's products or services will be discontinued or changed because of the charter conversion.