This rule will now allow a quasi-government agency to make investments in rural communities which effectively ends up being direct funding of community improvements by the Federal Government. Since the FCS institutions do not pay taxes the private banking sector will be eliminated from these investments since they will not be able to compete with the low interest yields. The private sector is serving our rural comminities adequately and this expansion of FCS lending authority is beyond the congressional mandate.
Scott L. Petrich, Vice President
The Citizens First National Bank
1821 North Lake Avenue
Storm Lake, IA 50588-1227
During our remodeling project at Citizens 1stNational Bank’s downtown location, the Ag & Commercial Loan Officers are now located at the North Branch, which is at the intersection of Lake Ave and C49. We can be reached at the same phone numbers and email addresses.