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FDIC Federal Register Citations

Sargent County Bank


From: Steven McLaen
Sent: Wednesday, September 08, 2004 3:13 PM
To: Comments
Subject: RIN 3064-AC50 Proposed rules comment

September 8th, 2004

Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th Street NW
Washington, DC 20429

RIN 3064-AC50

Mr. Feldman:

Our family has been operating this 104 year old institution for over 78 years. After the Bank Holiday in the 30s we were one of the first banks reopened for business and during the farm crisis of the 80s we stuck with our customers. Of the 20 or so banks once in Sargent County there are two left. Throughout the years we have dealt with many different problems. But now it seems we are under assault not only by the limitless non-bank creditors; (John Deere, Farm Credit Services, and GMAC etc) and endless investment options, but also by government regulation. The daily burden on small community banks like ours just keeps growing and growing and the proportionate burden to us is off the chart compared to large institutions. On top of this, these non-bank competitors only deal with a fraction of the regulation we are saddled with.

Smaller community banks are the lifeblood for any economy left out here in North Dakota. If you folks in Washington cannot find a way to reduce this regulation, you may find that the very people you are trying to help; small businesses and consumers, will be the hardest hit when small banks sell out to larger chain banks. A recent strategic plan developed by the North Dakota Bankers Association projects that by 2010 the number of banks in ND will fall from 109 to 75. Certainly the financial drain and hassle of regulation is a factor in this.

Reducing the CRA requirements for small banks in rural America is a small step the right direction.

Respectfully,

Steven D. McLaen
President
Sargent County Bank
PO Box 9
Forman, ND 58032

 

Last Updated 09/09/2004 regs@fdic.gov

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