LAFAYETTE, La., Jan. 12 /PRNewswire-FirstCall/ --MidSouth Bank, N.A. President and CEO C. R. "Rusty" Cloutier was invited back to Capitol Hill to testify on Wednesday, Jan. 13, before the Financial Crisis Inquiry Commission (FCIC). This is the first hearing of the commission, which was created by the Fraud Enforcement and Recovery Act of 2009. Chaired by former Democratic California State Treasurer Philip Angelides and former California Republican Rep. Bill Thomas, the bi-partisan FCIC is charged with investigating the root causes of the current financial collapse and turning over its findings in a formal report to Congress and President Barack Obama by Dec. 15 of this year.
Wednesday's meeting officially begins the 10-member commission's thorough examination of the disaster. Members will hear testimony on the causes and current state of the crisis from top leaders of both private and public sector entities. Wednesday's hearing starts at 9 a.m. and continues Thursday, Jan. 14.
Cloutier, a past chairman of the Independent Community Bankers of America, joins a panel that includes Dr. Mark Zandi, chief economist and co-founder of Moody's Economy.com; Dr. Kenneth T. Rosen, chair, Fisher Center for Real Estate and Urban Economics, University of California, Berkeley; and Julia Gordon, senior policy counsel, Center for Responsible Lending.
Cloutier was asked to speak about the impact the crisis has had on business loans; the effect of government efforts to encourage lending; and the impetus behind declines in demand or supply. The commission is also asking for his insight on what the immediate future holds for business lending.
The hearing takes place at the Longworth House Office Building in Washington, D.C., Room 1100.
Cloutier testified last year before the House Subcommittee on Financial Institutions and Consumer Credit on "TARP Oversight: Is TARP Working for Main Street?" and again before the House Subcommittee on Courts and Competition Policy on "Too Big To Fail?: The Role of Antitrust Law in Government-Funded Consolidation in the Banking Industry."
Cloutier is the author of the new book Big Bad Banks: How greed and ego among the big shots in banking and government created the crisis that wrecked our economy. The book makes the case for how excessive financial concentration led to the country's economic disaster.
About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, La., with total assets of $948 million as of September 30, 2009. Through its wholly-owned bank subsidiary, MidSouth Bank, N.A., the Company offers complete banking services to commercial and retail customers in south Louisiana and southeast Texas. It has 35 locations in Louisiana and Texas and more than 50 ATMs.
Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Actual results may differ materially from the results anticipated in these forward-looking statements. Factors that might cause such a difference include, among other matters, changing market conditions, economic conditions, credit quality, governmental regulation and legislation, interest rates, and other factors discussed in MidSouth's Registration Statement on Form S-1 related to this offering and in its other filings with the SEC. MidSouth does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise, except as required by law.
SOURCE MidSouth Bancorp, Inc.