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
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