Springfield, MO

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Systematic Savings Bank on June 18 converts to a commercial bank.
SBJ file
Systematic Savings Bank on June 18 converts to a commercial bank.

Systematic converts charter to commercial bank

Posted online

Systematic Savings Bank in downtown Springfield has received final regulatory approval to convert its charter to a commercial bank.

The switch to a commercial bank from a savings bank takes effect tomorrow, according to a news release.

"This conversion from thrift institution to a commercial bank enables us to continue to expand our lending and investment activities and to diversify our operations," President and CEO Derek Fraley said in the release. "The conversion also provides us quite a bit more flexibility in what we can do and in both short- and long-term strategic decisions."

According to, savings banks provide many of the same services to customers as commercial banks, but with more of a focus on residential mortgages. Commercial banks, according to Investopedia, focus more on working with businesses and have services such as credit cards.

Fraley added in the release that the conversion would not impact day-to-day operations for customers.

Systematic Savings Bank, which celebrates its 99th anniversary this month, had $53 million in assets as of March 31, according to the release.

The company in 2020 completed a stock offering as part of move to switch to a stock savings bank from a mutual savings bank, according to past reporting.

"The first charter change was a change in ownership and capital structure," Fraley said via email this morning. "This change is from a savings bank to a commercial bank. The difference is subtle but important."

Systematic operates its sole branch at 318 South Ave.


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