As GOP Seeks Looser Financial Rules, Emmer Focuses On Small Banks
As GOP seeks looser financial rules, Emmer focuses on small banks
WASHINGTON – The community bank was once as much a staple of small-town Minnesota as the grain elevator.
But the number of banks in Minnesota dropped from 420 in 2007 to 298 last year, largely the result of mergers. The Federal Deposit Insurance Corp. says 21 of those closures involved bank failures.
“If you drive through the entire state of Minnesota … you come to realize that these small financial institutions, these small family-owned community banks and credit unions, these are what drive our small communities,” said U.S. Rep. Tom Emmer.