Tasmanian authorised deposit-taking institution MyState Financial has converted to a mutual bank, changing its name to MyState Bank. One benefit of the change is that MyState will have bragging rights as the only bank based in Tasmania.MyState Bank is part of MyState Ltd, which also owns Tasmanian Perpetual Trustees and The Rock Building Society.The group made a net profit of A$29.6 million in 2013/14. MyState Financial and The Rock contributed $25 million of that.MyState Ltd chief executive, Melos Sulicich, said The Rock Building Society, which is based in North Queensland, would continue to operate under its established brand.However, MyState will roll the MyState ADI licence and the Rock ADI license into one licence later this year. MyState has 240,000 customers, about half of whom are MyState Bank customers. The bank has $2 billion of assets.Sulicich said the group had been through all the approval processes with APRA and was now using the bank name."The benefit of this change is that it will be clear who we are. We were not a building society or credit union and it was difficult explaining to people that we were an APRA-regulated authorised deposit-taking institution," Sulicich said."As a bank, customers will have more confidence about our regulatory status and brokers will be able to explain us to their customers much more easily."Sulicich said that on the operations side it would be business as usual.MyState is the second non-bank ADI to convert to mutual bank status in the past month. Last month SGE Credit Union announced that it would change its name to G&C Mutual Bank in December.