NEW YORK, NY (February 3, 2010) – New York Democratic Congressional candidate Vincent Morgan supports community banks. His statement comes in the wake of news that Congress will hold hearings later this month on the future of community banking. This hearing is in response to community outrage over the October 2009 seizure of Chicago’s Park National Bank. The FDIC seized its assets and sold them to US Bancorp.

“I am a community banker. In my job, I am responsible for management of community reinvestment statewide for a large financial services company.  I know how important smaller banks can be to communities as well,” said Morgan.  “Community banks are key partners in community revitalization and stabilization. Smaller banks are frequently vital to the survival of neighborhood businesses as well as being the primary source of financial services for marginal income customers. After the financial collapse of 2009, it should be clear that bigger is not always better. Competition is good for the marketplace.”

“The financial system needs to be overhauled in order to meet the needs working Americans and to avoid future economic meltdowns. We have to totally rethink how we manage, operate and regulate our financial institutions.”

http://morgan4congress.com/wp-content/uploads/Community-Banking-Statement.pdf