Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)
Username:
Password:

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowAdvocacy
ArrowConsumer Education & Resources
ArrowEducation
ArrowConvention
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®
ArrowPublications





Members Only = Access Restricted
Last update: 08/22/14

ICBA News Release

ICBA Independent Community Bankers of America

PR Contact
Tim Cook
ICBA Director of Communications
202-659-8111

Industry Expert
Mark Scanlan
ICBA Director, Office of Agriculture & Rural Policy

FOR IMMEDIATE RELEASE

ICBA on Rejection of Rabobank Bid

"Not Surprising, but Shows the Farm Credit System's True Colors"

Washington, D.C. (Oct. 21, 2004) - Responding to today's announcement that the FCSAmerica (FCSA) board decided to terminate the acquisition agreement between FCSA and Rabobank, the Independent Community Bankers of America (ICBA) issued the following statement from ICBA President & CEO Camden R. Fine:

"The FCSAmerica announcement that it would terminate its merger agreement with Rabobank is not necessarily surprising given the activities of Farm Credit System (FCS) representatives in recent weeks to derail the bid. Unmistakably, it also reveals the true colors of the Farm Credit System's lobbying position. The FCS has been quite eager in recent years to push for bold new lending powers and customer eligibility provisions as it uses its special GSE privileges to compete against the private sector. FCS cherry picks the best farm loans from community banks' loan portfolios and weakens the ability of the banking industry to serve the agricultural marketplace.

"FCS representatives like to say that when they are granted new lending powers it promotes greater competition. But when they perceive that greater competition comes at their expense, they circle the wagons and ask Congress to protect their market share.

"Neither FCS officials, nor their regulator, have shown any justification or rationale for any new lending powers, which the FCS announced it would pursue in the 109th Congress. Rather, the marketplace is saying that the system should be opened up and made more efficient by allowing community banks to access the system's funding source, and that the system and its regulator should seek ways to work with commercial banks, not against them, to better serve rural America."






ArrowsPrintable version



Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice