The parent company of NorthEast Community Bank, with branches and offices in Danvers and Plymouth, is attempting to become a state-chartered savings bank.

The New York-based NorthEast Community Bancorp, Inc. is currently federally chartered. Converting to a state-chartered platform will help the bank compete and further execute its business strategy, according to officials.

The charter conversion should occur in the second or third quarter of 2012. As a result, the New York State Department of Financial Services and the Federal Deposit Insurance Corp. will be the bank’s primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for NorthEast Community Bancorp, MHC and NorthEast Bancorp, Inc., both of which will remain as savings and loan holding companies following the charter conversion.

"From our customers’ perspective, the charter conversion should be transparent," said Kenneth Martinek, president of NorthEast Community Bancorp. "The terms and conditions of our customers’ loans and deposit accounts will not be affected by the charter change."