'Community Banking Remains Arduous': Week's Best Quotes
October 8, 2013 11:25 AM
The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.
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On the personnel costs of complying with layers of bank regulation:
"We have checkers who check the checkers."
Dorothy Savarese, chairman/CEO, Cape Cod Five Cents Savings Bank
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On what she has learned from a series of talks between Federal Reserve employees and community bankers:
"I learned that there is a need for community banks. Maybe that was one of the things that so many of us questioned."
Julie Stackhouse, head of supervision at the St. Louis Fed
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On the dearth of M&A activity in St. Louis:
"Boards [of takeover targets] are still wrestling with valuations."
Peter Benoist, president/CEO, Enterprise Financial
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Comparing the terms banks receive when they sell to those they can get in capital raises:
"It's getting to the point that doing a deal is better than raising capital."
Lee Bradley, senior managing director at Community Capital Advisors
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On the Consumer Financial Protection Bureau's growing control over mortgage regulation:
"It goes from one extreme of having too many cooks in the kitchen to the other extreme of having a single decision-maker."
Tom Deutsch, the executive director of the American Securitization Forum
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On why Royal Bank of Scotland might have a hard time finding buyers for its Chicago branches:
"We don't know if big banks can do any kind of deals right now."
Terry McEvoy, an analyst at Oppenheimer
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On how WSFS Financial's typical promotional campaigns differ from its recent pet-photo contest:
"There is maybe not as much fur."
Richard Wright, chief retail banking officer at WSFS Financial (WSFS) in Wilmington, Del.
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On relying on Kickstarter to raise funds for a TV series about the future of payments:
"My safety net is the Internet."
Heather Schlegel, documentary filmmaker
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Warning that regulators are closely scrutinizing M&A deals to make sure banks aren't overreaching for yield:
"Community banking remains arduous."
Bert Otto, deputy comptroller for the Office of the Comptroller of the Currency's central district
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On how Cardinal Financial (CFNL) in McLean, Va., plans to ease the pain of customers affected by the government shutdown:
"We will be flexible on payments. Every bank should do that."
Bernard Clineburg, chairman and CEO of Cardinal
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