Union Savings Bank seeks approval to reorganize as mutual holding company

Union Savings Bank is seeking state approval to reorganize as a mutual holding company. The Danbury-based bank will continue to operate as usual with its customers regardless of whether the Connecticut Department of Banking approves the move.

The primary goal of converting to a mutual holding company is to protect mutuality as a banking option for individuals and businesses, while also allowing the institution access to capital that it cannot secure under its current status.

Newtown Savings Bank underwent the same conversion in 2017 after its board of trustees voted unanimously in favor of the move. Union Savings said it also expected no significant objections to its proposal.