Fairmount Bancorp switches to state charter

Baltimore County's Fairmount Bancorp Inc. said Monday its bank, Fairmount Bank, is now a state-chartered commercial bank, after converting from a federally chartered savings bank last week.

"We believe the Maryland commercial bank charter will be a better fit as we continue to transform our balance sheet and product mix to more effectively pursue our banking strategies," CEO and president Joseph M. Solomon said in a statement.

Fairmount Bank had $78.7 million in assets at the end of June, according to the Federal Deposit Insurance Corp.

Most recently, Fairmount was regulated by the Office of the Comptroller of the Currency. Its new regulator will be the state's Office of the Commissioner of Financial Regulation. It also remains under the supervision of the Board of Governors of the Federal Reserve System.

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