Lake Shore Savings Bank wants to start collecting deposits from municipal and public entities, including school districts, libraries and industrial development agencies.
The Dunkirk-based bank has applied to its regulator, the Office of the Comptroller of the Currency, to covert its charter to a national bank from a federal savings bank. If the permission is granted, Lake Shore would have an opportunity to widen its customer base.
“A national bank charter will allow the bank to deepen its relationships in the communities that we serve and allow municipalities to deposit funds with a locally headquartered bank," said Daniel P. Reininga, president and CEO.
Reininga said such a change would have no impact on the bank's day-to-day operations, customer accounts, account balances or shareholder interests.
Lake Shore has 11 branches, six of which are in Erie County.