Dear Editor,

Currently undergoing bank regulatory stages is a transaction that concerns the whole community. This is the purchase of the Pinnacle Bank. The buyer would be the Meskwaki tribe. As a member of this tribe I am happy to see efforts to diversify the tribe’s holdings. However, I feel strongly that this transaction is not prudent at this time.

Unbeknownst to the general public at large is this. There is a large degree of discontent among the membership of the tribe. The petition to disallow the purchase through referendum was denied by the council. Would a conventional board of directors ignore the stockholders wishes? I think not. What has occurred since then is this. There is a growing move to replace four (4) members of the tribal council in elections this fall. Tribal members want change. Meetings are being held. It is a general assumption that some of the key actions undertaken by the current council will be overturned. Including the Pinnacle Bank purchase. Also, key administrative staff working on this project and hired bank executives will likely be dismissed.

Obviously, due the volatility of the tribes’ political stance, one would have a hard time imagining a stable and secure financial benefit for current customers and shareholders.

The tribal council would do better to back up, mend the fences and pursue new projects after gaining the desired consensus. Sad though it is, this transaction spells trouble all the way around. It is perhaps the right idea, but not at this time, for this tribe.

Gordon Miles-

Davenport

Mililani, Hawaii