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FDIC Federal Register Citations

From: ghoskins@fmbnc.com [mailto:ghoskins@fmbnc.com]
Sent: Monday, August 22, 2005 3:14 PM
To: Comments
Subject: Annual Independent Audits and Reporting Requirements RIN 3064-AC91

To: Robert Feldman, Executive Secretary, FDIC
From: Guy Hoskins, CFO, F&M Bank

We are very much in support of the proposed changes to Part 363 of the FDIC's regulations. F&M Bank is a $460 million non-public commercial bank that is approaching 100 years in operation as it was founded in 1909. There are a number of reasons we believe the proposed changes make good business sense and they are as follows: 1) we, like most financial institutions under $1 billion, are not complex in operation. I think you will find most institutions in this asset size conduct plain vanilla branch banking, taking in local deposits from the community and lending it back out; therefore maintaining low inherent risk, 2) whether reviewed by an outside entity or not, we continue to strive toward strong internal controls as they are in our best interest, and 3) multiple reviews already exist (including an annual independent audit of our financial statements which internal controls testing is within this scope, ongoing internal audits, and annual exams from state and/or federal regulators). In fact, although we are not public, our most recent external audit had applications from the Sarbanes Oxley Act.

Thank you for your time and attention to this subject. There is satisfaction in knowing the FDIC is applying timely and reasonable cost vs. benefit analysis in the review of this matter.

F&M Bank
221 N. Main St.
Salisbury, NC 28144

phone 704.633.1772
fax 704.633.7049


 


Last Updated 08/23/2005 Regs@fdic.gov

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