WASHINGTON, March 26, 2012 /PRNewswire-USNewswire/ -- America's Mutual Holding Companies (AMHC), a national association of mutual holding companies, announced that it strongly supports the passage of H.R. 4217, the "Mutual Community Bank Competitive Equality Act" introduced on March 20, 2012 in the House of Representatives by Congressman Michael Grimm (R-N.Y.).
In a letter to Congressman Grimm dated March 22, 2012, 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. 4217. Mr. Montanaro stated in his letter that mutual holding companies "have raised billions of dollars in equity capital which has enabled them to be a vital source of community lending during a period when other big banks have reduced lending."
Mr. Montanaro praised the provisions of H.R. 4217 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. 4217 the capital available to support MHC lending would likely be significantly reduced. 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.
About America's Mutual Holding Companies
America's Mutual Holding Companies (AMHC) is a national association composed of mutual holding companies with minority stockholders regulated by the Federal Reserve Board. AMHC promotes advancements in methods to raise capital through the public markets while maintaining the distinguishing elements of mutuality at the holding company level. AMHC is headquartered at 701 8th Street, NW, Suite 700, Washington, DC 20001. Please visit the website at www.americasmutualholdingcompanies.com or contact Douglas P Faucette at 202-220-6961 or [email protected].
SOURCE America’s Mutual Holding Companies