Gary Townsend writes to us from Tom Brown's BankStocks.com. Mr. Townsend has more than 20 years of experience in the analysis of U.S. financial institutions. In 1998, Mr. Townsend joined FBR Group after 15 years as a federal bank regulator. Mr. Townsend currently covers regional and community banks throughout the United States and Puerto Rico.

In 1990–97, he was director of the Office of Examination and Supervision, Federal Housing Finance Board, regulator of the Federal Home Loan Bank System. Prior positions also include examiner of the Federal Farm Credit Bank System and economic consultant.

Mr. Townsend received his M.B.A. from George Washington University in 1979.