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ICBA Statement on House Passage of Industrial Bank Holding Company Act

Washington, D.C. (May 21, 2007)—James P. Ghiglieri, Jr. chairman of the Independent Community Bankers of America and president of Alpha Community Bank, Toluca, Ill. issued the following statement after House passage of the ICBA-endorsed Industrial Bank Holding Company Act of 2007 (H.R. 698) by a 371-16 vote:

"Passage in the House of this important ICBA-backed legislation brings our nation one step closer to doing what's right for America's communities. Left unchecked, commercial ownership of industrial loan companies (ILC) poses tremendous risk to the nation's financial system, would reduce competition in the long run, and would weaken rather than strengthen the local economies of so many communities served by community banks.

"ICBA thanks the House of Representatives for passing H.R. 698, and especially House Financial Services Committee Chairman Barney Frank (D-Mass.) and Rep. Paul Gillmor (R-Ohio) for their leadership in advancing this legislation through the House. Now it is time for the Senate to act so we can finally put this issue to rest by enacting this legislation and closing the ILC loophole to commercial enterprises."

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