If you think the FBOP story was interesting ["Legislators Call FDIC Too Hasty in FBOP Closure," Jan. 22], you should look into the failure of a true community bank, Peoples First Community Bank in Panama City, Fla.

I had direct conversations with regulators where it was discussed that Troubled Asset Relief Program money of about $125 million would save the institution, versus a loss to the Federal Deposit Insurance Corp. of $555 million.

No one cared that the deposit insurance fund would take that hit and that a local bank that had been strong for 25 years and a major source of employment and charity would be gone.

The FDIC definition of "least-cost resolution" is comical at best.

Joey Chapman, President
Royal American Development, Panama City

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