LUZERNE – A name change is in the works for Luzerne National Bank.
One of the few remaining locally owned banks in the Wyoming Valley, it will change to Luzerne Bank as it converts from a national banking association to a state-chartered bank and trust company before the end of the year.
“It’s an absolute non-event,” said Bob Snyder, president and chief executive officer of the bank founded in 1907.
“There will be no change to the customers whatsoever,” Snyder said.
Externally the signs at the bank’s offices in Luzerne, Swoyersville, Dallas, Wilkes-Barre, Wyoming and Plains Township will be changed. Internally, the bank will have a different set of examiners and will save money as a result.
The switch will mean the bank no longer falls under the supervision of the federal Office of the Comptroller of the Currency. Snyder said the bank will be under the supervision of the Federal Reserve Bank and the Pennsylvania Department of Banking.
Department spokesman Dan Egan said the bank must place a notice in the newspaper and file an application for conversion with the department. A notice was printed in Tuesday’s Times Leader. “This is not a signal of any kind of trouble,” Egan said.
The department reviews the application, requests information from the comptroller and decides within 60 days whether to approve the conversion, said Egan. To date this year, the department has converted four banks.
Banks making the switch pay less to have the department examiners come in compared to examiners from the comptroller’s office, said Egan. The department also is little more accessible and knowledgeable of the region where the bank does business, he added.