HARRISBURG, Pa., Oct. 1, 2012 /PRNewswire-USNewswire/ -- The merger of the Pennsylvania Department of Banking and the Pennsylvania Securities Commission, signed into law by Governor Tom Corbett last July, becomes effective today with a new consolidated agency known as the Pennsylvania Department of Banking and Securities.
"Reducing the size and cost of state government for taxpayers is a top priority for my administration. The merger of these two state government entities will lead to an initial savings of $1 million, with more possible as we move forward with the consolidation," Corbett said.
The merger was made possible by Act 86, which was signed into law by Corbett on July 2, 2012. Since that time, the Department of Banking and the Securities Commission have been working together to ensure a seamless transition.
"During this transition period, the institutions and professionals that are chartered and licensed by the Department of Banking will see no changes," Department of Banking Secretary Glenn E. Moyer said. "We will also continue to provide seamless service of the highest professional caliber to the securities industry and professionals."
Mailing addresses, email addresses and telephone numbers for individual staff members will remain the same for both entities. Executive offices for the new Department of Banking and Securities will reside at the current Department of Banking location in Harrisburg.
"The merger will allow the same level of service at lower costs to Pennsylvania taxpayers," Corbett said. "I have every confidence in Secretary Moyer and his team to carry out this change with no disruption to current operations."
Cost savings were achieved in various ways, including the reduction of duplicative services and operations.
Contact information for the new Department of Banking and Securities is below:
- Banking issues: 17 N. Second St., Suite 1300, Harrisburg, PA 17101
- Securities issues: Eastgate Office Building, 2nd Floor, 1010 N. Seventh St., Harrisburg, PA 17102-1410
- Consumer inquiries and complaints: 1-800-PA-BANKS (1-800-722-2657)
- Securities and investor inquiries and complaints: 1-800-600-0007
- Website: www.dobs.state.pa.us
Media contact: Kelli Roberts, Governor's Office, 717-783-1116
Ed Novak, Department of Banking and Securities, 717-783-4721
SOURCE Pennsylvania Office of the Governor