Countrywide Plans Thrift Conversion

Countrywide Financial Corp., Calabasas, Calif., has announced that it intends to convert its national bank charter to a federal savings bank (or thrift) charter.The company said it has notified the Federal Reserve Board of San Francisco, the Office of Thrift Supervision, and the Office of the Comptroller of the Currency of the decision, which came after "several months of strategic analysis." Upon the approval of the application, Countrywide Bank NA would be converted to a thrift and Countrywide Financial Corp. would become a savings-and-loan holding company, with the OTS as the regulator of both entities. "In our continuous efforts to maximize efficiencies, the company has determined that Countrywide is better positioned for future growth as a savings institution with a single primary regulator, as opposed to the current dual-regulator structure," said Angelo R. Mozilo, Countrywide's chairman and chief executive officer. "Based on our analysis, we believe that the OTS's focus on the housing market and its unitary supervisory approach aligns more closely with Countrywide's existing business activities and future diversification efforts." The company can be found online at http://www.countrywide.com.