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WASHINGTON, Feb. 09, 2017 -- America’s Mutual Banks (AMB), an association of mutual financial institutions, announced today the findings of a Report commissioned by AMB and issued by RP Financial LC. which offers compelling reasons to recalibrate the current asset size definition of small bank holding companies in existing law to $5 billion. This recalibration was proposed in the form of H.R. 3791 and passed by the House in the 114th Congress by Congresswoman Mia Love (R. Ut). Its principal benefit will be to provide flexibility to mutual banks, Sub S banks and other closely held banks, who are unable to access the equity markets, with the capital tools that will enable them to gain competitive equality. Chuck Boulier, AMB’s Chairman, said: ”The RP Study and the data collected is compelling in its conclusions regarding the need to take action. We are resolute in our support for legislative flexibility that will fuel the growth of mutual banks. We believe the enactment of the relief we seek will halt the historical decline of the market share that mutual, Sub S and closely held banks hold and spark an increase in small business and community lending that will revive small communities which have been barely served by megabanks”. Highlights from that study are:
- 1. Megabanks Dominate Banking.
- 2. Small Banking Companies Have Lower Access to Capital.
- 3. Community Banks Need To Grow To Achieve Competitive Equality.
- 4. Smaller Banks are concentrated in the Heartland.
- 5. Smaller banks Are Committed To Lending.
- 6. Smaller Bank Holding Companies Rely on Deposits For Funding.
About America’s Mutual Banks And How To Obtain A Copy Of The Report
America’s Mutual Banks is an association of like-minded mutual banks dedicated to preserving and advancing the mutual banking form. America’s Mutual Banks is headquartered at 701 8th Street NW, Suite 700, Washington, D.C. 20001. Please visit www.americasmutualbanks.com or contact Douglas Faucette, Locke Lord LLP, at 202-220-6961 with any questions or requests for a copy of the RP Financial report or additional information on America’s Mutual Banks.
Contact: Douglas Faucette Locke Lord LLP T: 202-220-6961 [email protected]
