Brief: Green Tree bank moving to Las Vegas

The company applied to the U.S. Office of Thrift Supervision to change Green Tree's banking structure from a South Dakota-chartered credit card bank to a federally-chartered savings bank with broader powers. Conseco also plans to change the bank's name to Conseco Bank FSB.

Conseco acquired Green Tree Retail Services Bank in June, when it purchased Green Tree Financial Corp. of St. Paul, Minn. Moving the Green Tree bank to Las Vegas would not affect Green Tree Financial's St. Paul headquarters, or other Green Tree subsidiaries around the country, said Conseco spokesman Jim Rosensteele.

It's too early to tell what operations will be conducted at the Las Vegas office, or how big it will be, said Rosensteele. Green Tree's Rapid City banking operations and its 1,000 employees will remain in place, he said.

Rosensteele said he was unsure why the company chose Las Vegas for its headquarters. Regulators will likely take at least nine months to review the application, he said.

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