I'm reading a really excellent book about community banking and an *arresting* line from it was, approximately: "A typical community bank has $150M in assets and a 4% net interest margin for about $6M in revenue covering 40 FTEs. Community banking is thus a small business."
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I had a mental model for the FDIC as "Hmm, competent regulator, probably tries to put the fear of god into new bankers" but they actually summoned all the directors and investors to a room and asked "Why do you think we're here?", got answers, then said "Oh no, none of that."
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"We are actually here because OUR MISSION IS TO PROTECT DEPOSITORS and you have a business plan for investors and directors BUT WE CARE ABOUT DEPOSITORS and when you are writing your operations manual about TAKING DEPOSITS and COLLECTING DEPOSITS and STORING DEPOSITS remember it"
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"Because IF YOU #(%)%() WITH THE DEPOSITS WE CAN AND WILL END YOU. This is your first and only warning." (Slightly paraphrased.)
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End of conversation
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Just started reading this, entirely off the basis of this tweet!
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