Daniel Blanton, CEO of Southeastern Bank Financial Corporation and Georgia Bank & Trust in Augusta, Georgia, testified on behalf of ABA. Blanton, who is also vice chairman of ABA, noted that while community banks are resilient, the avalanche of new rules has made it much more difficult to meet customer needs. Blanton said:
It is this regulatory burden that often pushes small banks to sell to banks many times their size. In fact, today there are 1,200 fewer community banks than there were five years ago. This trend will continue unless some rational changes are made to provide relief to America’s hometown banks.
Read the testimony.