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FDIC Federal Register Citations



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FDIC Federal Register Citations

KENNEBEC SAVINGS BANK

From: Mark Johnston [mailto:mjohnston@kennebecsavings.com]
Sent: Thursday, October 07, 2004 10:40 AM
To: Comments
Subject: Community Reinvestment: RIN number 3064-AC50

Mark Johnston
President & CEO
Kennebec Savings Bank
150 State Street
Augusta, ME 04330

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 headquartered in Augusta, Maine since it was founded in 1870. We have been, and continue to be, inextricably tied to the communities we serve. Just last month, we reached a new milestone ... $500 million in assets!

Compliance with the Community Reinvestment Act is something we take very seriously at our bank. 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,
Mark Johnston
(207) 622-5801
President & CEO
Kennebec Savings Bank

Last Updated 10/13/2004 regs@fdic.gov

Last Updated: August 4, 2024