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FDIC Federal Register Citations

POLONIA BANK

From: Kenneth Maliszewski [mailto:kmaliszewski@poloniabank.com]
Sent: Wednesday, October 06, 2004 10:08 AM
To: Comments
Subject: Community Reinvestment: RIN number 3064-AC50

Kenneth Maliszewski
Vice President
Polonia Bank
3993 Huntingdon Pike
Huntingdon Valley, PA 19006

October 6, 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.

Polonia Bank has served its community since 1923 and will continue to do so in the future. We and a small mutual financial institution of 185 Million in assets located in Philadelphia area. We have 4 offices in the city and 1 office just outside the city limits that are a integeral part of the neighborhoods we serve. Polonia has apox. 45 employees that work as well as live in these areas.

Compliance with the Community Reinvestment Act is something we take very seriously at our 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,
Kenneth J. Maliszewki V.P.
215-938-8800
Vice President
Polonia Bank

Last Updated 10/12/2004 regs@fdic.gov

Last Updated: August 4, 2024