FOR IMMEDIATE RELEASE
ICBA Immediate Past Chairman Named To SEC Advisory Committee
Washington, D.C. (March 8, 2005) - The Independent Community Bankers of America (ICBA) commended the Securities and Exchange Commission today for its appointment of C. R. "Rusty" Cloutier, President and Chief Executive Officer of MidSouth Bancorp, Inc., to the Advisory Committee on Smaller Public Companies. The SEC is establishing the Advisory Committee to examine the impact of the Sarbanes-Oxley Act ("Sarbox") and other aspects of the federal securities laws on smaller companies. Cloutier will be representing the banking industry on the Advisory Committee.
"Rusty will make an excellent addition to the Advisory Committee," said Camden R. Fine, ICBA president and chief executive officer. "As the president and chief executive officer of a publicly-held community bank in Louisiana, he is very familiar with the securities laws and the impact that the Sarbox has had on community banks. He will do an excellent job representing the banking industry on the Committee."
Cloutier was Chairman of ICBA from 2003-2004 and currently serves on ICBA's Executive Committee. "As ICBA's recent survey on the Costs of Complying with Section 404 of Sarbox shows, it is a major financial burden for many publicly held community banks to comply with Sarbox," said Fine. "We look forward to working with Rusty and the Advisory Committee to find some relief for community banks from the costs of Sarbox."