AUBURN – Auburn Savings Bank intends to change its corporate structure, a move that, if approved, would allow the bank to raise capital.

Documents are expected to be filed with the federal Office of Thrift Supervision and Securities Exchange Commission in the first quarter of this year to convert the bank from a mutual savings bank to a stock savings bank, with the formation of two concurrent holding companies.

“This does not change anything in terms of loans or deposits. … There’ll be nothing different from a customer’s point of view,” said Allen Sterling, president of the 121-year-old bank.

By law, Sterling is prohibited from discussing details of the conversion until it is finalized. But Christopher Pinkham, president of Maine Association of Community Banks, said Auburn Saving is pursuing a course of action many other Maine banks have followed.

“It is becoming more common for mutual banks to do this to give them more flexibility for both future opportunities as well as to raise capital as they see fit,” said Pinkham.

Auburn Savings has no stockholders currently, but the conversion would allow shares to be sold through a stock holding company to generate cash. Up to 49 percent of the shares could be sold, ensuring that majority control of the bank always remains with the newly created mutual holding company.

Pinkham said Auburn is the seventh Maine bank to do this, following Franklin, Gorham, Machias, Androscoggin, Bangor and Norway savings banks. Some of the banks have made the conversion to make stocks a possibility, but have not actually issued any.

“It creates the corporate structure for that option,” said Pinkham.

Some banks that have issued stock have used the money to finance expansions or acquisitions to stay competitive in an increasingly difficult market for smaller banks. Pinkham said the same federal laws that regulate huge banks like TD Banknorth and its $50 billion in assets also apply to Auburn Savings and its $2 million in assets.

“The cost of running a savings bank today is very high,” said Pinkham. “There’s a lot of concern about community banks.”

Sterling said once the conversion application is approved, he’d be happy to discuss the reasons behind the change and the bank’s future plans.