October 15, 2002
Chairman Don Powell
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429-9990
Dear Chairman Powell:
Community Banks help ensure the viability and health of their community.
Reasonable tax structure for banks assist in an efficient flow of capital to
small business, agriculture, borrowers, and consumers. The Limited Liability
Corporation structure allows community banks to compete against credit
unions on a level playing field. The LLC structure is not a viable structure
for community banks unless the FDIC allows them to obtain Federal Deposit
Insurance.
We respectfully request that FDIC support a LLC structure for
qualifying banks.
Sincerely,
Joe H. Bruns
President
State Bank & Trust of Seguin, Texas