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SIGNATURE JOANNE B. WHARTON
TITLE ASST. TREASURER
Board of Directors
Minbanc Capital Corp.
In planning and performing our audit of the financial statements of
Minbanc Capital Corp. for the year ended March 31, 1996, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing an opinion on the financial statements and to
comply with the requirements of Form N-SAR and not to provide
assurance on the internal control structure.
The management of the Company is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an
internal control structure are to provide management with reasonable,
but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, that transactions are executed
in accordance with management's authorization and recorded properly to
permit the preparation of financial statements in accordance with
generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may nevertheless occur and not be detected.
Also, projection of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards established by the
American Institute of Certified Public Accountants. A material
weakness is a condition in which the design or operation of one or
more of the internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to
be material weaknesses as defined above as of March 31, 1996.
This report is intended solely for the information of management and
the Securities and Exchange Commission.
Vienna, Virginia
April 17, 1996
