PACB Letter to Members of PA Congressional Delegation

To: All Members of Pennsylvania's Congressional Delegation

From: Frank A. Pinto, President/CEO

Subject: Article on Compliance Costs of Sarbanes/Oxley Act

Date: December 7, 2004

I am forwarding to you a copy of a November 29 article that appeared in American Banker on the extraordinary costs imposed upon community banks by Section 404 of the Sarbanes-Oxley Act.

We believe this is another instance of stifling regulatory burden on community banks that are struggling to comply with the costs and requirements of federal regulation.

We urge you to continue to be cognizant of the need for regulatory relief for community banks. We are part of the backbone and fabric of many of Pennsylvania’s communities and while regulations like Sarbanes-Oxley may be well intended, they are cumulatively having the effect of forcing community banks to consider mergers rather than remaining as independent entities.

As always, PACB stands ready to serve as a resource to you and your staff. We wish you and yours a happy holiday season.

Attachment

Cc: PACB Executive Committee
      PACB Legislative Committee