(Washington, DC) April 18, 2013 – America’s Mutual Holding Companies (AMHC), a national association of mutual holding companies, announced that it strongly supports the passage of H.R. 1603, the “Mutual Community Bank Competitive Equality Act” introduced on April 17, 2013 in the House of Representatives by Congressmen Michael Grimm (R-N.Y.) Gregory Meeks (D-N.Y.) and Peter King (R-N.Y.).
In a letter to the Congressmen dated April 18, 2013, AMHC Chairman Craig Montanaro, CEO of Kearny Financial Corp (a $3 Billion mutual holding company in Fairfield, New Jersey), pledged the support of AMHC’s members for the passage of H.R. 1603. Mr. Montanaro stated in his letter that mutual holding companies “have been a vital source of community lending during a period when other big banks have reduced lending.”
Mr. Montanaro praised the provisions of H.R. 1603 and said that Congressman Grimm’s initiative would assure that MHCs would be able to compete on a level playing field. Without the relief offered in H.R.1603 the capital available to support MHC lending would likely be reduced at a vital time in the economy.. He also applauded the provision of the Bill that would support community charitable giving and strongly endorsed the provision that would allow thrift subsidiaries of MHCs to convert to a national bank charter.
CONTACT: Douglas Faucette
Locke Lord LLP