PACB Memo to Senators Specter & Santorum

To: The Honorable Arlen Specter
     The Honorable Rick Santorum

From: Frank A. Pinto, President/CEO

CC: Bob Davis, ACB

Subject: Thanks for Support of S.5

Date: February 15, 2005

PACB, comprised of almost 200 community banks throughout Pennsylvania, thanks you for your support for the “Class Action Fairness Act of 2005.” This legislation directly helps financial institutions by addressing certain kinds of abusive class action lawsuits – and their high costs – by moving many of these lawsuits to federal courts. The bill also includes protections for plaintiffs under a “Consumer Class Action Bill of Rights.”

We appreciate your positive support for S. 5, without amendment and we look forward to prompt consideration of this legislation by the House of Representatives.

If you have any questions on this or any other issue affecting community banks, please do not hesitate to call upon us.