WASHINGTON D.C. – The Federal Deposit Insurance Corporation (FDIC) is bolstering its oversight of community banks with the appointment of eight new members to its Advisory Committee. While not a headline-grabbing bust, the move signals a shift in focus for the agency, potentially impacting the flow of capital and the regulatory landscape for smaller financial institutions nationwide. The appointments, announced May 26, 2023, come at a time of increasing scrutiny of regional banking stability.
The new blood joining the committee includes Thomas Bates, President & CEO of Legends Bank in Clarksville, Tennessee; Michael Culhane, head of North Cambridge Co-operative Bank in Massachusetts; Anita Drentlaw, President & CEO of New Market Bank, Minnesota; Susan Horton, President, CEO & Chairman of the Board at Wheatland Bank, Spokane, Washington; Warren Huang, General Counsel at Amerasia Bank, Flushing, New York; April Perry, CEO & Chairman of the Board, Kentucky Farmers Bank Corporation, Catlettsburg, Kentucky; Troy Richards, President of Guaranty Bank & Trust Company, Delhi, Louisiana; and Lillous Ann Shoemaker, President of Magnolia State Bank, Bay Springs, Mississippi.
The FDIC’s Advisory Committee, established in 2009, serves as a sounding board for policy and regulatory issues affecting community banks. The committee isn’t about locking up perps, but it *is* about the rules of the game for those handling other people’s money – and a flawed system can be as damaging as a back-alley shakedown. These appointments suggest the FDIC is preparing to address emerging challenges within the community banking sector, potentially responding to recent instability seen in larger regional banks.
The committee’s first meeting with the new members is scheduled for June 1, 2023. Discussions will center on current banking conditions, an update on the Deposit Insurance Fund, a review of the Minority Depository Institutions Subcommittee, and a deep dive into various supervision and policy matters. While the meeting is open to the public via live webcast, expect a lot of jargon and carefully worded statements – this isn’t a scene from The Wire, but the stakes are just as real.
The new members join a standing group including Mike Bock (Dairy State Bank, Wisconsin), Troy Campbell (Altoona First Savings Bank, Pennsylvania), Harold Horvat (Centreville Bank, Rhode Island), Robert James II (Carver State Bank, Georgia), Cindy Kitner (Jefferson Security Bank, West Virginia), Trey Maust (Lewis & Clark Bank, Oregon), Dominik Mjartan (Optus Bank, South Carolina), Arlen Osterbuhr (Minden Exchange Bank and Trust Company, Nebraska), Shane Pilarski (Alliance Bank, Indiana), Kim Reigelsberger (Preferred Bank, Missouri), and Andrew West (Eagle Bank, Montana).
For those interested in a closer look, information about the Advisory Committee, including the full agenda for the June 1st meeting, is available on the FDIC’s website. Contact Brian Sullivan at 202-412-1436 for further inquiries. While this isn’t a story about handcuffs and mugshots, the decisions made by this committee will have a ripple effect across the financial landscape, impacting communities and individuals nationwide. Keep your eyes on this one – the quiet ones often are the most dangerous.”
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