First Advantage Bancorp said Thursday it is applying to change the charter of its main subsidiary, First Federal Savings Bank, to a state-chartered bank. The move, which is expected to take several months, will be accompanied by a name of the 57-year-old subsidiary to First Advantage Bank.

"This is a positive change for our Bank in light of the Dodd-Frank Act which made certain changes that removed most of the benefits of operating under our savings bank charter. We also believe that there are significant advantages to operating as a commercial bank and having a local, Tennessee-based regulator who understands and lives in our market area."