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KENNEBEC SAVINGS BANK
From: Mark Johnston [mailto:mjohnston@kennebecsavings.com]
Sent: Thursday, October 07, 2004 10:40 AM
To: Comments
Subject: Community Reinvestment: RIN number 3064-AC50
Mark Johnston
President & CEO
Kennebec Savings Bank
150 State Street
Augusta, ME 04330
October 7, 2004
Robert E. Feldman
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, DC 20429
Dear Robert Feldman:
As a community banker, I am pleased to comment in support of the
proposal issued by the FDIC that would amend the definition of a small
institution to be a bank that is under $1 billion in assets. I believe
that this change will provide much needed regulatory burden relief for
me and other community bankers. It seems that every week there is a new
or additional
regulation with which we must comply. This is one example of regulatory
burden relief that will really make a difference. I would much rather
use the limited resources available to my bank to serve my community
than to collect and maintain data and documents to prove to examiners
that I am meeting the needs of my community.
Kennebec Savings Bank has been headquartered in Augusta, Maine since
it was founded in 1870. We have been, and continue to be, inextricably
tied to the communities we serve. Just last month, we reached a new
milestone ... $500 million in assets!
Compliance with the Community Reinvestment Act is something we take
very seriously at our bank. No community bank can survive and compete
without meeting the needs of its customers and communities. We believe
in our community and in our customers and want to work with them to
provide products and services that best meet their credit needs. We do
not need a complicated examination process to show that we are complying
with the law.
It is absurd to think that a bank thousands of times larger than my
own community bank should be examined using the same procedures. I
strongly urge you to amend the definition of a small bank for CRA
purposes to be an institution with less than $1 billion in assets,
regardless of whether the bank is part of a holding company. This is a
good proposal and is the right thing to do.
Thank you for considering my views.
Sincerely,
Mark Johnston
(207) 622-5801
President & CEO
Kennebec Savings Bank |
