Banking Interests
Gillmor became partial owner of Old Fort Bank in Seneca County, about 60 miles (97 km) southeast of Toledo, after the death of his father, Paul M. Gillmor. In 2006, Gillmor received $540,000 in dividends from the bank, for his share of ownership, out of a total of $2 million paid to all shareholders. The bank had total profits of $3.6 million in 2006.
In 2007, Gillmor received approval from the House Committee on Standards of Official Conduct and the offices of two federal regulators to be an initial director and investor in a new Florida bank, the Panther Community Bank.
In May 2007, the House of Representatives passed, by a vote of 371-16, a bill by Gillmor and Representative Barney Frank that blocked retailers such as Wal-Mart and Home Depot from establishing their own industrial loan companies. Industrial loan companies are state-chartered corporations that are potential competitors of community banks.
Read more about this topic: Paul Gillmor
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