From: Greg Gibson [ggibson@MountainBank.net]
Sent: Thursday, May 23, 2002 9:38 AM
To: 'rule-comments@sec.gov'
Subject: Proposed Contraction of Filing Deadlines

Ladies and Gentlemen:

Fully understanding the political pressure behind this proposal, I am
writing to strongly encourage you not to shorten current filing deadlines
for 10-Q and 10-K filings.  As a financial institution parent company, we
already have a huge regulatory reporting burden.  Your proposal would, if
enacted, drive our reporting process to the breaking point.  It is my
opinion that the accuracy of financial statements should always take
precedent over the speed with which they are rendered.  Frankly, I can not
envision how shortening the reporting process by a few days can
substantively impact individual investor's decisions, but I can envision how
rushed production of financial statements can lead to errors, inaccuracies
and abbreviated MD&A discussions.  Also, please bear in mind that very large
corporations, who are the SEC's normal focus, have huge staffs to comply
with the myriad of reporting requirements.  As a smaller registrant having
to comply with the same reporting requirements as huge multinationals, I
believe it to be imperative that you take into consideration the differences
in the operation of smaller registrant's businesses before you implement a
sweeping mandate that will severely impact us.  Please stop and think about
both the short and long term ramifications of your decision on smaller
companies and whether there exists a true "need" for quicker dissemination
of financial data or if this is in fact a knee jerk reaction to political
pressures that will subside shortly.  Please ask yourselves if having
Enron's financials in hand 15 days earlier would have made any difference to
investors.  I'm sure if you analyze this question honestly and objectively,
you will come to the conclusion that it would have made no difference
whatsoever.  Don't strangle us forever with a rule change that will really
make no difference at all to the investing community at large.  


Greg Gibson
Chief Financial Officer
MountainBank Financial Corporation
201 Wren Dr.
Hendersonville, N.C.  28792
(828) 697-0030 ext 151
Fax (828) 697-0089