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Tom Curry Addresses ICBA's Mutual Institutions

Washington, D.C. (May 12, 2004) - The Independent Community Bankers of America (ICBA) convened its first meeting of its Mutual Institutions Advisory Group yesterday. Tom Curry, a member of the FDIC's Board of Directors and formerly Commissioner of Banking in Massachusetts, was one of the group's special guests.

Addressing a number of mutual institutions from around the country, Curry discussed the need for mutual institution advocacy in Washington and applauded the formation of the group. His remarks touched on a number of other issues, including mutual institution holding companies, corporate governance issues for mutual institutions, reducing the burden of regulation, trust preferred securities, and Basel II.

Wayne Cottle, president of Dean Bank in Franklin, Mass., and chairman of ICBA's Mutual Institutions Advisory Group, called yesterday's meeting an historic event for ICBA and for mutual institution advocacy. "This new group will play an important part in helping ICBA support and defend the choice of mutual ownership for banking institutions before regulatory bodies and Congress," Cottle stated.

ICBA has mutual institution members from 33 different states.

Other special guests at the meeting included Stan Ragalevsky from the law firm of Kirkpatrick and Lockhart in Boston, and Dan Forte, president of Massachusetts Bankers Association.