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KENNEBEC SAVINGS BANK
From: Laura Hudson [mailto:lhudson@kennebecsavings.com]
Sent: Thursday, October 07, 2004 3:12 PM
To: Comments
Subject: Community Reinvestment: RIN number 3064-AC50
Laura Hudson
AVP, Marketing Officer
Kennebec Savings Bank
150 State Street
Augusta, ME 04332
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 THE community bank in central Maine
for over 134 years. We currently have assets estimated at $500 million,
have three branches and 75 employees.
Compliance with the Community Reinvestment Act is something we take
very seriously at Kennebec Savings Bank. We don’t just believe it is the
right thing to do; we believe it is the right business thing to do. 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,
Laura J. Hudson
207-622-5801
AVP, Marketing Officer
Kennebec Savings Bank |
