Countrywide Thrift Conversion OK'd

Published March 06, 2007, 3:00 p.m. EST

1 Min Read

Countrywide Financial Corp., Calabasas, Calif., has announced that it has received formal approval from the Office of Thrift Supervision to convert its national bank charter to a federal savings bank (or thrift) charter.The company said Countrywide Bank NA will begin operating as a thrift on March 12, and Countrywide Financial Corp. will become a savings-and-loan holding company, with the OTS as the regulator of both entities. "The conversion to a savings bank charter aligns the regulatory supervision of the company with our strategic objectives, and will help us better leverage our real-estate-finance-focused business model for competitive advantage in the current marketplace," said Angelo R. Mozilo, Countrywide's chairman and chief executive officer. The company can be found online at http://www.countrywide.com.

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