ESTES PARK - First National Bank of Estes Park has applied to convert itself into a state-chartered bank with the Colorado Division of Banking.

Right now, First National Bank of Estes Park is a nationally-chartered bank. It has two branches in Estes Park and one in Niwot. Converting to a state-chartered bank will change only its name, with its products and services remaining the same, according to a company spokeswoman.

The conversion requires regulatory approval, and if approved, the bank's name will change to Bank of Estes Park.

Converting to a state charter is an attractive option for banks for two reasons, according to Colorado Division of Banking Commissioner Fred Joseph. The first is that the cost of state charter in Colorado, in terms of fees banks have to pay.

Also, Joseph said, most banks like to have access to a local regulator, such as the Division of Banking, headquartered in Denver, as opposed to the Federal Insurance Deposit Corp., headquartered in Washington, D.C.

A decision from regulators is expected in June.