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FDIC Federal Register Citations Rockport National Bank From: Lori Rostkowski [mailto:lrostkowski@rockportnational.com] Ladies and Gentleman: As a small community bank, Rockport National Bank supports the local
tourist market and small fishing industry. We are fully aware of the risks
involved in these concentrations and monitor them closely. To this end the
Bank already invests a great deal in time and resources ensuring that we
have a secure commercial real estate portfolio. In addition to the constant monitoring by Bank management, the Board of
Directors receives detailed quarterly reports on loan concentrations and
criticized assets. Yearly, an outside consultant is hired to review the
commercial portfolio, the external auditors issue an opinion on the
financial status of the Bank and the OCC visits every eighteen months. On a positive side we have had great success with the "Pilot Lending
Program" which would be jeopardized with the proposed guidance. We acknowledge that you are aware of the measures that community bankers
undertake to address the current regulations and financial environment, but
I feel that it by reiterating these items it will be evident that the
current guidance and policies are sufficient for the majority of the
community banks. Those that are causing this concern should be dealt with
separately. This proposed guidance would have a significant adverse impact on
Rockport National Bank and the local area. It would effect the way we would
lend to our local fisherman and Innkeepers, who keep this a thriving tourist
community. Please look at the measures already taken by community banks to
lend responsibly and monitor those credits versus identifying another avenue
besides the Allowance for Loan Losses to cover potential risks.
Peter A. Anderson and Lori G. Rostkowski | ||
| Last Updated 04/18/2006 | Regs@fdic.gov | |