MEDIA RELEASE

Territorial Bancorp Inc., headquartered in Honolulu, the holding company parent of Territorial Savings Bank, announces that Oct. 31, 2013, the Board of Directors of Territorial Savings Bank approved an application which will be filed with the state Division of Financial Institutions, under which the Bank would convert from a federal savings bank to a Hawaii-chartered savings bank.

As part of the charter conversion, the Bank intends to file an application with the Federal Reserve Bank of San Francisco to become a member bank.

The holding company will continue to be regulated by the Federal Reserve and expects to remain a savings and loan holding company.

The charter conversion remains subject to regulatory approvals, and no timetable has been established for the completion of the charter conversion.

Allan Kitagawa, Chairman and Chief Executive Officer stated: “These changes, if approved, will lower the regulatory cost to the Bank. In addition, the Bank and holding company will have the same federal regulator.”

— Find out more:
www.territorialsavings.net