Letter From a Prudent Banker about the current state of affairs

See Letter to Stockholders from Gerald T. Mulligan, President and CEO of LSB Corporation, parent company of Riverbank, a community bank located in Lawrence, MA.

Editor’s Note:

To tar all banks, banking and bankers with the BOA, Citi, AIG brush is unfair and dangerous.  It is unfair because all banks are not the same.  Far from it.  It is dangerous because the many well managed banks in this country – Riverbank being a prime example – show the way forward.  The way forward is quite simple.  Banks must be manageable and well-managed.  The indispensable ingredient in banking is good judgment in the handling of other people’s money.