Thursday, April 7, 2011

Gunsite in news

The owner of Gunsite Academy was in the news.  If you don’t know what Gunsite is, don’t worry.  Other than pictures being taken at the range, it does not relate to the firearms-training range, but I thought some people might be interested.
Jean Eaglesham, Wall Street Journal, April 7, 2011
Buz Mills is no stranger to combat. The 67-year-old owner of a firearms-training ranch in Arizona's Sonoran desert, Mr. Mills served four years in the U.S. Marines Corps. But he reckons few potential adversaries are as fierce as the U.S. banking regulators…
A part-owner and one of four directors of Summit Bank in Prescott, Ariz., Mr. Mills rails against the tougher regulations, which he said complicate his efforts to save his bank. And the restrictions have unintended consequences: "It's getting harder to recruit people to serve on the boards of small banks," he said…
Mr. Mills, the part-owner of Summit Bank, says he has "never made big profits" on his roughly 10% stake. Summit had a loss of about $3.5 million last year. Like many banks, those losses were largely related to bad real-estate loans. The bank was forced to close two of its three branches. The losses left Summit "significantly undercapitalized," according to the FDIC. The agency in February ordered the 17-employee bank to find a buyer.
Buzz Mills at range

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