Date:    4/7/99  10:39 AM

Subject: File No. S7-5-99

To Whom It May Concern:
     
On behalf of First Bank of San Luis Obispo, I would like to state my 
objection to the proposed ammendment to Rule 15c2-11.
     
As a small community bank whose stock is traded on the OTC Bulletin Board, we 
feel the rule change would have a severe negative impact on the liquidity of 
our company's stock.
     
I acknowledge your proper intentions in attempting to fight microcap fraud.  
However, placing enormous regulatory burden on market makers of small stocks 
is only going to drive the legitimate market makers away from quoting small 
company securities, including our own.
     
I urge you to reconsider this proposed ammendment and thank you for your 
consideration.
     
Sincerely,
     
Joe Brundage
SVP / CFO
First Bank of San Luis Obispo
     
First Bank of San Luis Obispo
P.O. Box 1249
San Luis Obispo, CA  93406
(805) 541-6100