A Texas law firm is organizing a trade group to represent banks that convert to S corporations.
Kennedy, Baris & Lundy of San Antonio has sent letters to the 561 banks that became S corporations in 1997, asking them to join the group, the Subchapter S Bank Association Inc.
"We think S corporation banks warrant a special-focus-type trade group," said Patrick J. Kennedy Jr., a partner at the firm.
Mr. Kennedy said the association will monitor legislation and serve as a resource for S corporation banks. Annual dues of $500 will cover seminars, publications, and administrative costs, he said.A few bankers have volunteered to be on an advisory board that will guide the group initially, Mr. Kennedy said.
He said he would like the new trade group to work with established trade associations such as the Independent Bankers Association of America and America's Community Bankers.
- Laura Pavlenko Lutton